Moshe Mosbacher has resigned from the presidency of the Diamond Dealers Club, amid various financial allegations. Vice President Basant Johari was named acting president.
The Tuesday evening resignation followed a report by Chaim Even-Zohar in the Diamond Intelligence Briefs that leveled a number of allegations against Mosbacher, including receiving a $100,000 loan from the DDC.
Mosbacher rejected the allegations in his resignation announcement:
"I hereby tender my resignation as President of the DDC effective today September 20, 2011.
"In light of certain allegations that have been leveled against me which I maintain are totally false and without merit, I feel that it would serve the DDC properly if I stepped aside. As the accountant and the Executive Board look into the allegations. This way the investigation can be conducted without any possible hindrance. I insist that the books and workings of the DDC over the last ten years should continue as part of my resignation. I am confident that when all facts and figures are known, it will show that there was absolutely no wrongdoing on my part."
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