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Police, Israel Bourse Probe Trader’s ‘$60-65M’ Diamond Debts
Apr 20, 2016 10:25 AM
By Rapaport News
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RAPAPORT... The Israel Diamond Exchange (IDE) said it is investigating
complaints from “several” bourse members that a cash-strapped trader owes them tens
of millions of dollars.
Hanan Abramovici Diamonds Ltd. owes the money for goods it bought
from traders, the IDE said in a statement. Israel’s business daily Globes
reported $60 million to $65 million worth of diamonds are involved and “up to a
dozen” gem companies could potentially go bankrupt as a result.
A spokesperson for the police said it is investigating the
case.
“The Israeli diamond industry has been undergoing
difficulties in the past several years and unfortunately we have seen cases
where some factions have exploited this situation,” Eli Avidar, managing
director of the IDE, said. “The IDE board will take stringent measures to
investigate this case, including turning to law enforcement authorities.”
Hanan Abramovici Diamonds did not respond to a
request for comment.
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Tags:
Hanan Abramovici, Hanan Abramovici Diamonds Ltd., IDE, Israel, Israel Diamond Exchange, Rapaport News
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