Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform. Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source. (Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Monday, 22 March 2010
Unprecedented action over Damas is a strong deterrent
The disclosures at Damas International represent a wake-up call for investors in the UAE and underline why standards of corporate governance need a closer look, now more than ever.
Unknown to many shareholders, the dynastic heirs of the business – the three Abdullah brothers – were able to withdraw money from a publicly traded company like it was a personal bank, the regulator said.
They also failed to disclose conflicts of interest on multiple occasions. For instance, they did not disclose to the company that they were the owners of a building in Sharjah that Damas bought for Dh84 million (US$22.8m).
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment