Saudi group sues Damas brothers in $22m claim

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A Saudi private equity company is suing the three brothers who ran Damas for more than US$22 million (Dh80.8m) after accusing the jewellery giant of not paying for shares it acquired before the Dubai company went public two years ago.

The Riyadh-based private equity house filed its claim against the three Abdullah brothers, Tawfique, Tawhid and Tamjid, at the Dubai International Financial Centre (DIFC), according to documents obtained by The National.

The legal action, which had not been previously disclosed, is a further blow to the brothers as they deal with the aftermath of a Dubai Financial Services Authority (DFSA) investigation into “unauthorised transactions” that followed the company’s initial public offering in 2008.