Sourcing

Report: KBC Ordered to Return Exelco’s Assets

SourcingJul 12, 2017

Report: KBC Ordered to Return Exelco’s Assets

A court in Antwerp said diamond company Exelco is on track to repay its loans and deemed the seizure unnecessary.

Antwerp--Belgian bank KBC Group NV has been ordered to return what it took from the offices of diamond company Exelco NV, Bloomberg reports.

KBC Group, which is in the process of winding down longtime diamond industry lender Antwerp Diamond Bank, seized assets from Exelco’s offices in June in an effort to recover unpaid loans.

Last Thursday, an Antwerp court ruled that KBC has to return the assets because Exelco is on track to repay its outstanding loans, reported to total about $30 million, by 2020, making the seizure unnecessary, Bloomberg reported late last week.

Exelco, which was founded in 1993 by Leon and Lior Kunstler and master diamond cutter Jean-Paul Tolkowsky, has publicly declined to comment on the matter.

In an email to National Jeweler, KBC confirmed the existence of the dispute but said it does not comment on pending customer issues.

Regarding the continuing wind-down of Antwerp Diamond Bank, which began in late 2014, KBC said it’s a process that will be completed in a “gradual and orderly manner” and that it has no timeline for when the bank will be completely dissolved.

Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

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