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Bank Told to Restore Exelco Assets: Bloomberg

Jul 9, 2017 4:17 AM   By Rapaport News
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RAPAPORT... A court has ordered KBC Group to return the assets it seized from Antwerp-based diamond firm Exelco within 24 hours, Bloomberg reported Thursday.

The Belgian bank took hold of assets belonging to Exelco on June 22, according to a separate report by the news service last week. The bank had bailiffs enter the diamond manufacturer’s offices, as well as offices of De Beers and ABN Amro, the report said.

However, the Antwerp court ruled the seizures unnecessary, determining that Exelco was on track to repay loans to KBC by 2020 as planned, according to Bloomberg.

Spokespeople for Exelco and KBC did not immediately respond to requests for comment. Last week, Exelco — the supplier of the Tolkowsky Ideal Cut diamond — said it would not comment “given the nature of the financial and legal matters.”

KBC is looking to recover $29 million (EUR 26 million) from Exelco, Bloomberg said. The diamond firm’s debts totaled $133.1 million — including nearly $30 million owed to banks — in its latest consolidated annual accounts 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.

Main image: Alrosa
Tags: ABN Amro, Antwerp, De Beers, Diamond cutting, Diamond manufacturing, exelco, Jean-Paul Tolkowsky, kbc group, loans, Manufacturing, Marcel Tolkowsky, Rapaport News, Tolkowsky, Tolkowsky Ideal Cut
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