Possible Bankruptcies at IDE Following $60 Million TheftApril 21, 16
(IDEX Online News) – Up to a dozen companies at the Israel Diamond Exchange could go bankrupt, following a huge diamond theft, according to a report on Globes.co.il.
The Israel Police, through the Tel Aviv Police Fraud Squad, are investigating serious allegations, which implicate Hanan Abramovich, who is suspected of stealing diamonds valued at $60 million to $65 million. Abramovich is alleged to have not paid for diamonds that he had passed on. Several companies complained to authorities that they were owed tens of millions of dollars for goods sold to Abramovich’s company.
"The Diamond Exchange's management will show zero tolerance to those who hurt other members of the exchange,” said IDE managing director Eli Avidar. “Israel's diamond sector has been going through difficult times in recent years and to our regret we are being exposed to unfortunate instances like these where the situation is being exploited.”