Damas International, the Middle East's largest jeweller, expects to recover just one third of the hundreds of millions of dirhams the company is owed by its previous owners.
Tawhid, Tawfiq and Tamjid Abdullah were the subject of the strictest disciplinary action in the history of the Dubai International Financial Centre in March last year for improperly withdrawing Dh365 million (US$99.3m) of cash and almost two tonnes of gold worth Dh250m from Damas without shareholder approval.
Given the current depressed market valuation of the brothers' wide-ranging assets, Damas expects to receive just Dh204m of the money owed, the company said in a statement to Nasdaq Dubai yesterday.
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