Thursday 5 November 2009

Damas Abdullah Brothers to Repay $165 Million Over 18 Months

Damas International Ltd., the Dubai based jeweler, and the Abdullah brothers reached a “formal commitment” to repay $165 million within 18 months after unauthorized transactions of that amount were conducted by the company’s former chief executive officer.

The Abdullah brothers have produced a list of assets available for liquidation, including real-estate, under the settlement agreement, according to a statement to Nasdaq Dubai today. The family also pledged 350 million of their shares in the company in the event of breaching the settlement.

They will repay $55 million within 6 months; an aggregate of $110 million within 12 months; and an aggregate of $165 million within 18 months, the statement said.END

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