Wednesday 10 February 2010
Damas appoints interim chief executive as part of restructure
Damas, the region’s largest gold and jewellery retailer, has appointed an interim chief executive in the latest step of a restructuring after the discovery of US$165 million (Dh606m) in unauthorised transactions.
The changes come three months after Tawhid Abdullah, a member of the company’s founding family, resigned as the managing director and chief executive after disclosing the company’s unapproved deals.
The deals almost pushed the company out of business. Damas is soon expected to sign a debt standstill while it undergoes a restructuring with asset sales.
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