Fyodor Andreev, CEO of Alrosa has stepped down from his post due to medical reasons, the company announced in a statement today. The decision was finalised at the company’s weekly management meeting, it said.

Ilya Ryashchin, a first vice-president of the company will hold responsibility as acting CEO till a final decision on Andreev’s successor is taken.

The 47-year old Andreev has been with Alrosa since 2002, and became CEO in 2009. He was at the helm when the company sold 16% of its stock to investors on the Moscow Stock Exchange in October 2013.

It has been reported that Andreev will continue to as a member of the Supervisory Board.

 (!t@�ss=MsoNormal>For the moment what the decision means is that “No new loans will be granted at ADB and no new business developed”. 

Over the next few months ADB plans to “contact its clients personally to work out the practicalities with them”.

Johan Thijs, CEO of KBC Group NV explaining the decision said: “We regret that a strong brand and a leading player in the diamond banking industry, with a long and rich history, will have to cease operations ...”

Pierre De Bosscher, CEO of Antwerp Diamond Bank concluded: “Its specific niche business made the divestment of Antwerp Diamond Bank less than straightforward, despite the long track record of this renowned institution. It is, of course, unfortunate that no opportunities had emerged in the past few years to develop the business further with a new shareholder. However, I'm convinced that the current approach under the arrangements agreed between KBC and Europe takes full account of the interests of our clients, staff, shareholders and all other stakeholders.”