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C. Mahendra to Challenge DTC Suspension

Jan 14, 2008 3:08 AM   By Avi Krawitz
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RAPAPORT... C. Mahendra Exports said Monday it would challenge the Diamond Trading Company’s  (DTC)  decision to suspend its sightholder status due to allegations that the company was implicated in a diamond smuggling case in Antwerp.

“Neither C. Mahendra Exports nor any C. Mahendra’s affiliated company has or is in breach of any of the conditions laid down by the DTC BPP rules,” the company said in a statement. “C. Mahendra Exports challenges the suspension of its DTC sightholder status and vehemently defends itself against any suggestions of wrong doing or malpractice.”

DTC suspended supply to six sightholders this month as a result of an Antwerp criminal court decision on December 6, 2007.

“Pending the results of further due diligence into this matter, the DTC reserves its right to take all appropriate action in respect of its supply to the businesses involved,” DTC stated following the court decision.

C. Mahendra said it had not been given an opportunity to defend itself and that the DTC’s action was therefore based on an incorrect understanding of the facts.

C. Mahendra's management will meet with the DTC on January 16, during this week’s sight, where it will challenge the decision.

“With the support of the DTC’s management we expect for a quick resolution,” Mahendra said.

While the names of the six affected sightholders have not been published, C. Mahendra said it felt it necessary to publicize its position on the matter in order “to protect its reputation which is currently being unfairly damaged in the industry as a result of this supply suspension.”
Tags: C. Mahendra, DTC, Sightholders
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