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Johari Assumes Acting President Role at DDC

Mosbacher Resigns, Says Allegations Against Him Are False

Sep 21, 2011 10:07 AM   By Jeff Miller
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RAPAPORT... Basant Johari assumed the role of acting president for the Diamond Dealers Club (DDC) of New York today following the resignation of Moshe Mosbacher overnight. Johari, who was vice president of the club, told Rapaport News that the board of directors would be meeting next week to determine its next steps in terms of leadership.

Johari added that the club's strategy for increasing membership remains on track, resulting in the addition of more than 200 new members so far this year with  many new applications pending.

In an email to top leadership, Mosbacher wrote that given "certain allegations" that had been made against him as president,  which he maintains are "totally false and without merit," he felt that stepping down would serve the DDC best while the accountant and the executive board look into those allegations.

''This way, the investigation can be conducted without any possible hindrance," Mosbacher wrote. ''I insist that the books and workings of the Diamond Dealers Club over the last 10 years should continue as part of my resignation.  I am confident that when all facts and figures are known, it will show that there was absolutely no wrongdoing on my part.''

Tags: club, dealers, diamond, Jeff Miller, johari, mosbacher, resigns
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