A court has ordered KBC Bank to return $29 million in assets it seized from Belgian diamond company Exelco, according to a report in Bloomberg that cited court documents.
Bloomberg broke the news of the initial seizure.
“Exelco NV was on track to repay loans to KBC by 2020 as planned, so the [court found that] the lender’s early seizure of assets was unnecessary,” the report said.
In response to an inquiry earlier this week, Execlo told JCK: “Given the nature of the financial and legal matters, it would be inappropriate for us to comment.”
Exelco’s founders include Jean Paul Tolkowsky, a member of the famed diamond cutting family, who appeared in commercials for Kay’s Tolkowsky diamond.
(Top: Image courtesy of Exelco)