The chief executive of Damas, the largest jewellery retailer in the Middle East, resigned on Monday after disclosing to the board of directors "unauthorised transactions" worth US$165 million (Dh605m), the company said in a statement to NASDAQ Dubai.
The departing chief executive, Tawhid Abdullah, has been replaced by Hisham Ashour, who recently joined the company as deputy chief executive.
Tawhid's brother and chairman of the board, Tawfique Abdullah, had assumed day-to-day responsibility as managing director, the company said.
"The Abdullah brothers, being founding members and current owners of more than 50 per cent of the shares of the company, fully stand behind the company and have agreed to commit the necessary assets to secure and repay in full any unauthorised transactions," the company said in a statement on NASDAQ Dubai's website. It added that the company had "adequate funds to meet its current financial obligations" and was conducting business as normal. The company launched an initial public offering in July last year, raising $270.6m on the Dubai International Financial Exchange, the predecessor to NASDAQ Dubai.
Trading in the company's stock on the NASDAQ Dubai market was suspended at the request of the company on Sunday, when the shares stood at 37 US cents.
Damas offered no details on the unauthorised transactions, but said it would appoint an independent accountant and law firm to conduct a review.
With origins dating back to 1907, Damas now has more than 450 stores in 18 countries, and is in the middle of a major expansion across the Middle East, Japan, Italy and India. It posted a net profit of Dh226.9m for the 15-month period that ended on March 31, and earnings per share of Dh0.25.
"The company continues to perform well in the current economic climate, as expected to be reported in the half-yearly accounts for the period ending September 30, 2009, to be announced in November," the statement said.
Damas said it had introduced procedures to ensure that repayment would be conducted in "an appropriate and timely manner", and that transactions would be scrutinised in future to prevent a recurrence.
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The National
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%3Cp%3E%3Cstrong%3ENovember%2013-14%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20World%20Youth%20Jiu-Jitsu%20Championship%3Cbr%3E%3Cstrong%3ENovember%2015-16%3A%20%3C%2Fstrong%3EAbu%20Dhabi%20World%20Masters%20Jiu-Jitsu%20Championship%3Cbr%3E%3Cstrong%3ENovember%2017-19%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20World%20Professional%20Jiu-Jitsu%20Championship%20followed%20by%20the%20Abu%20Dhabi%20World%20Jiu-Jitsu%20Awards%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
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MEYDAN CARD
6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m
7.05pm Handicap (TB) $175,000 (Turf) 1,200m
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8.15pm Singspiel Stakes Group Two (TB) $250,000 (T) 1,800m
8.50pm Handicap (TB) $135,000 (T) 1,600m
9.25pm Al Maktoum Challenge Round-1 Group Two (TB) $350,000 (D) 1,600m
10pm Dubai Trophy Conditions (TB) $100,000 (T) 1,200m
10.35pm Handicap (TB) $135,000 (T) 1,600m
The National selections:
6.30pm AF Alwajel
7.05pm Ekhtiyaar
7.40pm First View
8.15pm Benbatl
8.50pm Zakouski
9.25pm: Kimbear
10pm: Chasing Dreams
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Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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The five pillars of Islam
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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