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Israeli Diamond Dealer Ady Legziel Closes

Jan 25, 2009 5:17 AM   By Avi Krawitz
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RAPAPORT... Diamond manufacturer and dealer Ady Legziel has joined the growing list of companies in the Israel Diamond Exchange (IDE) to close up shop. A Tel Aviv District Court has appointed a liquidator to oversee the company’s debt, which amounts to approximately $1.6 million.

Sources close to the company confirmed that Legziel owes the banks, mainly First International Bank of Israel (FIBI), $1.2 million and is in debt another $400,000 to traders in the bourse. FIBI requested that the court appoint a receiver to seize the assets of the company immediately.

The global  financial crisis turned worse in October and demand for polished diamonds in the U.S. slowed. Banks have tightened their credit conditions for the industry, and the IDE has called for more stringent disclosure of debt settlements between traders.




NC
Tags: Banks, Israel, Israel Diamond Exchange
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