A Tel Aviv Court has appointed a temporary receiver for Delta Diamonds, at the request of Union Bank. The bank claims the company owes it about $8 million. Union Bank told the court it fears assets will be transferred out of the country.

Delta Diamonds, according to sources in the market, has been facing financial difficulties for some time. The bank said requests for debt payment have been ignored.

The bank fears that in recent months, many diamonds have been transferred to overseas companies owned by shareholders of Delta. The company has conducted several exports to these companies, although no payment has been received.

Delta Diamonds owner, Avner Haimov, was not immediately available for comment.

The temporary receiver has two weeks to submit his report to the court.