UAE Jeweller Damas International said it was taking longer to recover the $55 million owed by its founders, the Abdulla brothers, due by April 30, but the delay does not mean a default.
Dubai-based Damas was ordered to dismiss its board and pay fines, after the company last year accused its former head of involvement in $165 million of "unauthorised" transactions.
"Given the complexity involved in transferring / selling the assets declared to the company, it is taking more time to affect the recoveries as per the timeline mentioned in the previous announcement by the company on 4 November 2009," Damas said in a bourse statement on Sunday.
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