The Dubai Financial Services Authority (DFSA) yesterday ordered Damas International to replace Ernst and Young as its external auditor.
In addition to replacing the board of directors, including the Abdullah brothers, Damas agreed to "substitute its external auditor with another auditor acceptable to the board and the DFSA", the regulator said.
Ernst and Young said that its last audit of financial statements for the period ending March 31 2009 "appropriately disclosed all amounts owed by the Abdullah Brothers to the extent that they were outstanding at the balance sheet date".
"We fully stand by our audit report on the financial statements of Damas International Limited for the period ended 31 March 2009," the company said.
"We have noted that the DFSA has agreed with Damas International Limited to change external auditors in the 'Enforceable Undertaking' document issued today [yesterday]. No reason is given for the change in auditor or the requirement for rotation. Having not been directly informed by the DFSA of this decision, or had any other discussions with them on their findings, we are not in a position to comment on that matter."
Paul Koster, the chief executive of the DFSA, declined to say why the authority directed that the external auditor be replaced.
bhope@thenational.ae
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Fixtures
Opening day Premier League fixtures for August 9-11
August 9
Liverpool v Norwich 11pm
August 10
West Ham v Man City 3.30pm
Bournemouth v Sheffield Utd 6pm
Burnley v Southampton 6pm
C Palace v Everton 6pm
Leicester v Wolves 6pm
Watford v Brighton 6pm
Tottenham v Aston Villa 8.30pm
August 11
Newcastle v Arsenal 5pm
Man United v Chelsea 7.30pm
Dengue%20fever%20symptoms
%3Cp%3EHigh%20fever%20(40%C2%B0C%2F104%C2%B0F)%3Cbr%3ESevere%20headache%3Cbr%3EPain%20behind%20the%20eyes%3Cbr%3EMuscle%20and%20joint%20pains%3Cbr%3ENausea%3Cbr%3EVomiting%3Cbr%3ESwollen%20glands%3Cbr%3ERash%26nbsp%3B%3C%2Fp%3E%0A
Stamp duty timeline
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
Boston%20Strangler
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SHAITTAN
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