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Lazare Kaplan Postpones SEC Filings as Loan Claims Continue

Sep 2, 2015 3:38 AM   By Rapaport News
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RAPAPORT... Lazare Kaplan International has delayed the filing of its annual report for fiscal 2015 with the U.S. Securities and Exchange Commission, according to a notice from the agency.

The New York-based diamond manufacturer has been unable to resolve a material uncertainty concerning the collectability and recovery of certain assets, and its potential obligations under certain lines of credit and a guaranty.

Earlier this year, Lazare Kaplan reiterated its intention to file official quarterly and annual financial reports dating back to May 31, 2009. Lazare Kaplan denies that any amount is currently due or owed to Antwerp Diamond Bank under a $45 million facility and further denies that any action under that agreement be brought by the bank in the courts of Belgium.

In the U.S. court system, Lazare Kaplan is seeking, among other things, in excess of $500 million in damages that could be trebled under the Racketeer Influenced and Corrupt Organizations Act (RICO) and state law against the banks. The company alleges that the banks engaged in money laundering and other illegal activity that includes the theft of over $135 million from the sales of diamonds belonging to Lazare Kaplan and its affiliates.
Tags: loans, Rapaport News, SEC
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