Diamond Firm's Seized Assets Ordered to Be Returned by Court
- KBC has a day to hand back assets from Exelco in loan dispute
- Polishers and traders struggling to get credit as banks flee
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A Belgian court ordered lender KBC Group NV to return seized assets from one of the diamond industry’s most storied names within 24 hours, a court ruling shows.
Exelco NV was on track to repay loans to KBC by 2020 as planned, so the lender’s early seizure of assets was unnecessary, the Antwerp court ruled on Thursday. A spokesman for KBC declined to comment. Exelco also declined to comment.