Damas Appoints Nine New Board Members After Probe

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Damas International Ltd., a Dubai- based jewelry retailer, named nine new board members after its previous board resigned on orders from the market regulator for failing to prevent the unauthorized withdrawal of funds.

Damas was fined as much as 2.57 million dirhams ($700,000) on March 21 by the Dubai Financial Services Authority and its board asked to resign after an inquiry found its owners, the Abdullah brothers, withdrew about 365 million dirhams without board approval.

Abbas Ameeri, Abdulla Almazroei, Anan Fakherddin, Ehsan Abbas, Ibrahim Belselah, Nicholas Hegarty, Simon Copleston, T N Pratap and Tariq Ali were appointed to the board after getting shareholder approval, the company said in a statement to Nasdaq Dubai today. Damas may also list shares in dirhams, U.S. dollars or both, according to the statement.