Damas International has reached a deal with the Abdulla brothers to repay $165m within 18 months after a family member and former chief executive resigned because of "unauthorised transactions." The Abdulla brothers will repay $55m within six months and the full amount within 18 months, according to a statement posted on the web site of Nasdaq Dubai, where the stock is listed. The company has appointed PricewaterhouseCoopers to investigate the transactions and report to the Dubai Financial Services Authority. The brothers have also provided a list of assets available for liquidation, including real estate, under the settlement agreement, and pledged 350 million shares in the company if the deal is broken, the statement said.
Damas accepted in October the resignation of Tawhid Mohammed Taher Abdulla as its chief executive after details of "unauthorised transactions", initially estimated to be worth $165m, emerged. The family-controlled jewellery firm, which has origins that date back
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