The Abdullah brothers made more than Dh1 billion (US$272.2m) worth of investments in property in the UAE using loans and money improperly withdrawn from Damas International, The National can reveal.
The planned sale of these investments is at the heart of an agreement reached last week between Damas, the largest jewellery retailer in the region, the brothers and creditor banks.
About Dh1.2bn of the total Dh1.8bn of debt racked up by the brothers, members of the company's founding family, was ploughed into property investments. Of this, 90 per cent was invested in the UAE, according to Damas.
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