Dubai jeweller Damas replaces CEO over disclosures

Dubai jewellery group Damas International Ltd DAMAS.DI said chief executive officer and managing director Tawhid Abdulla had resigned after disclosing "unauthorised transactions".

Nasdaq-listed Damas said it had appointed Hisham Ashour, formerly deputy CEO, to take over Abdulla's post. It said Tawfique Abdulla, Tawhid's brother, was now managing director on a "day-to-day" basis.

"The company today announces that it has accepted Tawhid Abdulla's resignation as managing director and CEO due to his disclosure to the board of what is understood to be unauthorized transactions conducted by him," it said.