Eurostar is declared bankrupt

Eurostar Diamond Traders, one of the largest diamond companies in Antwerp – and in the world - is bankrupt, the Dutch-language daily De Tijd reported. According to reports, the company has outstanding debts of more than $500 million.

Founded in 1978, its principal, Kaushik Mehta, built Eurostar into a giant, global corporation. The company expanded worldwide, setting up offices in Botswana, China, Hong Kong, India, the United Arab Emirates (UAE) and the United States of America (USA). In 2014, Eurostar Diamond Traders turned over no less than $2.5 billion and in 2016 it reported $16 billion in turnover.

Antwerp’s Business Court, however, determined last week that Eurostar no longer has any tradable assets. Eurostar’s chief creditors are ABN AMRO, Standard Chartered, KBC and Bank of India.