The Abdullah brothers have resolved their US$22 million (Dh80.79m) legal dispute with Amwal AlKhaleej after transferring 20 million shares in Damas International to the Saudi private equity company as part of a settlement.
Amwal AlKhaleej sued the brothers, who are majority shareholders of Damas International, after accusing the jewellery retailer of not paying for shares it acquired before the Dubai company went public in 2008.
The settlement of the dispute clears a major hurdle for Tawfique, Tawhid and Tamjid Abdullah, who already owe Dh606m to Damas International after making “unauthorised transactions” at the company without the approval of shareholders."
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