Swiss Diamond Jeweler at Heart of Angolan Scandal Goes Bankrupt

The Genevan jeweler De Grisogono SA, known for extravagant diamond jewelry worn by the likes of Paris Hilton, filed for bankruptcy, ensnared in a corruption probe involving Isabel dos Santos, the daughter of Angola’s former president, Bloomberg News reported. De Grisogono couldn’t secure a buyer despite talks that lasted several months, the company said in a statement on Wednesday. The failed negotiations forced the company to file for creditor protection with Swiss authorities, which if accepted, will affect 65 jobs in the nation, the company said. The move comes a week after a consortium of global media reported that De Grisogono was propped up with nearly $150 million in loans from Angolan entities to pay off the struggling company’s debts and expenses. Read more