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Diamond trader banned for falsifying sales invoices

GIA-diamonds

Jan Maarten Asscher has signed a disqualification undertaking and been banned from running limited companies for 11 years after being found guilty of falsifying bespoke jewellery sales.

Asscher, who has previously run firms such as JM Asscher in the UK but is being disqualified for his actions at wholesale company Clarity Diamonds, is joined by his fellow director, Mark Timothy Walker, who is banned for nine years after he allowed the company to produce the false sales documents.

With over 70 years’ diamond-trading experience between them, the pair are banned from directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company.

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Clarity Diamonds was incorporated in February 2014 to trade in wholesale diamonds. The company, however, entered into Creditors Voluntary Liquidation (CVL) in June 2017, after it could not pay debts worth more than £1.2 million.

An investigation was launched into the conduct of the directors and established Jan Asscher had caused the company to falsify invoices relating to bespoke, diamond jewellery. 

The value stated on the invoices came to US$1.75 million (£1.38m) in total.

The documents, which Jan Asscher referred to as ’holding invoices’, were generated with names and addresses that reflected neither the ultimate recipient nor the full value of the order. This meant liquidators could not even trace the pieces to recover them for the benefit of creditors.

Enquiries also revealed that Mark Walker had allowed the inaccurate documents to be produced.

Deputy head of insolvent investigations, Marc Symons, comments: “Directors have a duty to maintain accurate records. In this case, the false invoices have resulted in outstanding debts to creditors of more than £1.1 million.”

“These experienced diamond dealers have received substantial bans, and this should serve as a warning to others who are remiss in their director’s responsibilities.”

 

Tags : bespoke jewelleryClarity DiamondscrimeDiamondsJM Asscher
Stacey Hailes

The author Stacey Hailes

Editor, Professional Jeweller

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