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Arjav, ABN Amro Reach Settlement

Business Relationship Ends

Feb 7, 2013 1:24 PM   By Jeff Miller
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RAPAPORT... Arjav Diamonds in Antwerp and ABN Amro reached an agreement today, which settles various pending legal disputes arising from their former commercial relationship.

In a statement from ABN Amro, the deal allowed both parties to abandon all legal proceedings and discontinue all measures introduced or brought against each other, and to end their relationship.

Both parties agreed not to disclose any further details.

In December, ABN Amro had Belgium authorities seal  safes of Arjav after negotiations failed regarding the diamond company’s $154 million debt. Arjav filed a counter claim against the bank for $230 million for damages incurred to the ‎group.

Arjav Diamonds is one of Antwerp’s largest diamond manufacturing and trading ‎companies and has a De Beers London sight in addition to buying rough from ALROSA, ‎Harry Winston and BHP Billiton. ‎

Tags: abn amro settlement arjav diamonds, Jeff Miller
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