Abdullahs roll in recovery for Damas - The National Newspaper

The three Abdullah brothers, whose family founded Damas jewellers and were held responsible for unauthorised transactions including about 50 property deals and two tonnes of gold borrowed from the company, are back at the firm – in charge of recovering money owed to the company.

The brothers were banned from executive roles at any Dubai International Financial Centre (DIFC) company for between five and 10 years. But last month, the brothers were appointed as senior advisers at Damas. Anan Fakhreddin, the jeweller’s chief executive, who was appointed to lead the company in May, said the Abdullahs were helping to recover receivables.

“Not everything was well documented, which was very normal in the jewellery business. Most of the business was done on the basis of a handshake and based on the personal relationship between the management and the business partners … One of the three brothers was in charge of that file. Without his assistance, any progress on the recoveries front would have been impossible.”