Bank Told to Restore Exelco Assets: Bloomberg

By Rapaport News / July 09, 2017 / / Article Link

RAPAPORT... A court has ordered KBC Group to return the assets it seizedfrom Antwerp-based diamond firm Exelco within 24 hours, Bloomberg reportedThursday.The Belgian bank took hold of assets belonging to Exelco onJune 22, according to a separate report by the news service last week. The bankhad bailiffs enter the diamond manufacturer's offices, as well as offices of DeBeers and ABN Amro, the report said. However, the Antwerp court ruled the seizures unnecessary, determiningthat Exelco was on track to repay loans to KBC by 2020 as planned, according toBloomberg. Spokespeople for Exelco and KBC did not immediately respondto requests for comment. Last week, Exelco - the supplier of the TolkowskyIdeal Cut diamond - said it would not comment "given the nature of thefinancial and legal matters." KBC is looking to recover $29 million (EUR 26 million) fromExelco, Bloomberg said. The diamond firm's debts totaled $133.1 million -including nearly $30 million owed to banks - in its latest consolidated annualaccounts for 2015, which it filed about a year ago. Jean-Paul Tolkowsky, a seventh-generation diamantaire,co-founded Exelco in 1993 with Leon and Lior Kunstler. Tolkowsky's great uncle,Marcel Tolkowsky, invented the ideal-cut round brilliant diamond in 1919.

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