Lazare Kaplan’s ongoing battle against Antwerp Diamond Bank has escalated, with the diamond company filing a criminal complaint against the bank.
The complaint, filed in Antwerp, charges the bank with fraud, embezzlement, and money-laundering, and was reported in the diamond company’s latest 8-K filed with the Securities and Exchange Commission.
Antwerp Diamond Bank did not respond to a request for comment, but parent company KBC has called similar charges “without merit.”
Lazare Kaplan previously filed a $500 million lawsuit against ADB in the United States, charging that ADB violated the Racketeer Influenced and Corrupt Organizations Act (RICO) and state law. That case was later dismissed over jurisdictional issues. LKI has appealed that ruling.
As it has for the past four years, LKI did not file a full financial report with the SEC this quarter, pending resolution of the “material uncertainties” related to the Antwerp case. It did say that sales were down for both the quarter and the year to date, reflecting a decrease in sales of both polished and rough diamonds.
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