Damas in property deals

Tawhid Abdullah, the former chief executive of the Middle East’s biggest jeweller, quit Damas after US$165 million (Dh606m) in unauthorised property transactions were uncovered, it has emerged.

Mr Abdullah resigned on Monday after disclosing the irregularities to the board of directors.

The transactions at the centre of the controversy involved investments with an unidentified property company, said Gaetano Cavalieri, a Damas board member, in an interview from Italy.