FINANCIAL NEWS

Abdullah brothers to pay USD490m to banks and company

05 Apr 2011

(MENAFN) A spokesman of Damas International stated that the three brothers behind the company, Tawfique, Tamjid and Tawhid Abdullah owed a total of USD490 million to banks and the company, reported The National.

The spokesman explained that that the brothers owed USD326.6 million to 20 different commercial banks and USD163.3 million to the company itself.

Damas added that Dubai Financial Services Authority (DFSA) expected the Middle East’s biggest jeweler to solve the issue in a month; else it would take action by liquidation of Damas’s assets.

It is worth noting that the DFSA accused the brothers of using the company’s money for their personal interests by investing in equities, direct stakes and properties in the UAE as well as Kuwait and Turkey.

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