Damas saga puts spotlight on governance

* username: rupertbu

For a family business with its origins in Syrian jewellery, Damas has come a long way since it set up in Dubai more than 50 years ago. After becoming the Gulf’s leading gems retailer, it expanded into Europe and Asia and in 2008 launched a $271m initial public offering.

But the shock announcement in October that Tawhid Abdulla, the chief executive and one of three brothers instrumental in building the business, had conducted $165m in unauthorised transactions, has sent the once thriving company into a tailspin.

It has also raised questions about the ability of tightly held family businesses to adapt to the rigours of public listing, as well as the role of the regulator at the Dubai International Financial Centre