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Monday, 22 March 2010

Dubai regulator fines leading jeweller

The Dubai Financial Services Authority on Sunday imposed its most draconian sanctions to date, when it fined the owners of the region’s largest jeweller business for withdrawing cash without authorisation and removed the company’s board.

The DFSA also banned the owners of Damas, the jeweller, from acting as directors of any company in the Dubai International Financial Centre, an offshore zone in the emirate, for up to 10 years.1

The regulator’s investigation showed that the three brothers who control the company – Tawhid, Tawfiq and Tamjid Abdullah – should repay Dh365m ($99m) and 1.9m grams of gold taken from the company for personal use without telling the board of directors or seeking their approval.