Dubai jeweller Damas International Ltd DAMAS.DI on Sunday said that two executives and the former chief of the company have pledged to repay nearly $165 million "unauthorized transactions" that led to the chief executive's departure.
Nasdaq Dubai-listed Damas recently appointed Hisham Ashour, the former deputy chief executive, to replace Tawhid Abdullah after "unauthorized transactions" for nearly $165 million were discovered. [ID:nLC467286]
"The three Abdullah brothers have signed a formal settlement agreement with the company in which they have committed to repay in full and in cash the full value of the transactions under review," according to a statement posted on the Dubai website.
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