DUBAI, Oct 25 (Reuters) - Dubai jeweller Damas International Ltd on Sunday said that two executives and the former chief of the company have pledged to repay nearly $165 million 'unauthorized transactions' that led to the chief executive's departure.
Nasdaq Dubai-listed Damas recently appointed Hisham Ashour, the former deputy chief executive, to replace Tawhid Abdullah after 'unauthorized transactions' for nearly $165 million were discovered.
'The three Abdullah brothers have signed a formal settlement agreement with the company in which they have committed to repay in full and in cash the full value of the transactions under review,' according to a statement posted on the Dubai website.
One of the former chief executive's brothers is current Damas chairman Tawfique Abdullah.
Damas has also set up an oversight committee on October 12, which has been 'in discussion with members of the Abdullah family to identify which of their assets may be available to be transferred to the company under the existing creditor arrangements of the Abdullah family and to perform a valuation of such assets'.
Damas' chief executive Hisham Ashour said the 'business fundamentals remain strong as will be apparent when we announce our results for the first half of 2009 in November'.
(Reporting by Nicolas Parasie; Editing by Mike Nesbit) Keywords: DAMAS ABDULLAH (nicolas.parasie@thomsonreuters.com; +971 4 391 8301; Reuters Messaging: nicolas.parasie.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Nasdaq Dubai-listed Damas recently appointed Hisham Ashour, the former deputy chief executive, to replace Tawhid Abdullah after 'unauthorized transactions' for nearly $165 million were discovered.
'The three Abdullah brothers have signed a formal settlement agreement with the company in which they have committed to repay in full and in cash the full value of the transactions under review,' according to a statement posted on the Dubai website.
One of the former chief executive's brothers is current Damas chairman Tawfique Abdullah.
Damas has also set up an oversight committee on October 12, which has been 'in discussion with members of the Abdullah family to identify which of their assets may be available to be transferred to the company under the existing creditor arrangements of the Abdullah family and to perform a valuation of such assets'.
Damas' chief executive Hisham Ashour said the 'business fundamentals remain strong as will be apparent when we announce our results for the first half of 2009 in November'.
(Reporting by Nicolas Parasie; Editing by Mike Nesbit) Keywords: DAMAS ABDULLAH (nicolas.parasie@thomsonreuters.com; +971 4 391 8301; Reuters Messaging: nicolas.parasie.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
