The brothers behind Damas International, the Middle East's biggest jeweller, owe a previously undisclosed Dh1.2 billion (US$326.7 million) to banks, it has emerged.
The disclosure comes as the company's restructuring appproaches its climax.
The debt, owed to more than 20 banks, comes in addition to Dh600m drawn from Damas International, according to a company spokesman.
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