The disclosure of unauthorised transactions at Damas International, the biggest jeweller in the Middle East, could lead to regulatory changes in the Dubai International Financial Centre (DIFC), a top official says.
“We are very much a part of the investigation,” said Paul Koster, the chief executive of the Dubai Financial Services Authority (DFSA), which regulates the DIFC. “Once we have a better understanding of what’s happened there, we will know where to focus our regulatory efforts.”
Tawhid Abdullah stepped down as the chief executive of Damas last month after disclosing the company had made US$165 million (Dh605.9m) worth of transactions without shareholder approval. About 50 transactions were made, mostly involving property projects such as the Angsana Hotel and Suites towers on Sheikh Zayed Road.
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