Winsome Diamonds denies accusations made by Diamond Intelligence Brief report

The company stated that the information provided in the periodic tabloid is false and misleading.
Winsome Diamonds denies accusations made by Diamond Intelligence Brief report

Winsome Diamonds has issued a press release denying accusations made by Mr. Chaim Evan Zohar in his periodic tabloid, Diamond Intelligence Brief. Read below:

“Last week, in a periodic publication, Mr. Chaim Evan Zohar has alleged that there are links that have been discovered between Winsome Diamonds and Jewellery Limited and their customers. The company denies the accusations and further states that the information contained in this periodic tabloid is false and misleading.

“Till date, the only thing that the Mr. Chaim Evan Zohar has been feeding everyone is part of a malicious campaign that he has been waging against the company since 2012. The article is mala fide, ignores several facts and seeks to scuttle and derail the recovery process. It is based on a bogus Kroll Report which has been factually rebutted by the Company way back on 24th August 2013 to Punjab National Bank. We have been responding to every allegation made in the press against us through official channels provided to us by the Bombay Stock exchange,” says Mr. Udani, Director, Winsome Diamonds and Jewellery Limited. He adds, “Please pay close attention to the following facts:

1. Mr. Mehta has been raked over the coals for events that took place 2 years after he had left the management of the company and one year after he had resigned from all positions. His removal from the company had been forced by the banks themselves in the July of 2012. Even after this treatment he believed in the company enough to leave his personal guarantee with the company.

2. Winsome Diamonds and Jewellery Limited is a public limited company, was the first diamond company that went public and upheld the highest standards of compliance and corporate governance. The current predicament that the company finds itself was not due to any management error and the company is the first victim in the current circumstances.

3. After the company filed cases against the customers in the UAE federal court in Sharjah, their judgments and decrees, which were based on court appointed banking expert reports, ratified the ownership of our customers’ companies as well as the genuineness of our transactions, exports (supported by documentary evidence for international shipments) and the losses that rendered them unable to pay us back. The expert reports have traced each and every penny that ought to have been paid by the said 13 Customers. All banks and agencies like RBI, CBI, ED and CVC have been updated of these UAE proceedings since inception and have copies of all reports/decrees.

4. The so called Kroll report, was commissioned by the consortium. This report, which is the basis of several of these allegations made by Mr. Chaim, is admittedly hearsay and has fabricated information in order to draw its predetermined conclusions. This was reported by the company to the Bombay Stock Exchange in several communications. One such false information is the alleged connection between Mrs. Sonia Mehta and the company Al Alam Jewellery FZE. In any event the expert report has given a detailed finding on the ownership structure of Al Alam. It is not a group company of Winsome. The court appointed experts report has clearly shown this to be false. We believe that the government agencies have junked the Kroll Report.

Mr. Udani further states, “On the matter of the insurance policies, the contentions are baseless. Having said this, insurance is an operational matter, not an investment matter. The ownership of each of defaulter companies are well documented from the inception of these companies to date which provided and confirmed by the expert reports submitted by court appointed Banking experts to the Federal court in Sharjah.”

“It should also be noted that Mr. Chaim Evan Zohar is facing a law suit of USD 1 Billion by Winsome Diamonds and Jewellery Limited. Mr. Chaim Evan Zohar, Mr. Eli Cohen and Ms. Rachel Segal of Diamond Intelligence Briefs, co-accused, are trying to avoid being brought to justice by not accepting The High Court summons from India. Mr. Zohar insists on reporting Kroll, but not the findings of UAE courts. If’s that’s the brief he is instructed to follow by vested interests, so be it. Winsome has been and will continue to take all steps to recover its dues from the UAE defaulters,” concludes Mr. Udani.

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