Damas digging deep

Damas digging deep

The jewellery company has appointed PWC as an external auditor to scrutinize the “unauthorized transactions” performed by its ex-CEO.

October 15, 2009 4:20 by Aarti Nagraj

Damas, which went public last year, said that it is also planning to appoint an international law firm to oversee and advise the company on corporate governance.

Interestingly, the company appears to have been open about the issue so far, which may indicate that GCC corporations are recognizing the benefits of being transparency.

Since last year, numerous cases of corporate fraud have been identified in the UAE, and the government has stressed that it will enforce practices to promote transparency.

Furthermore, the Emirates Securities and Commodities Authority (ESCA) has laid down guidelines for corporate governance, and will be introducing a transparency law in April 2010 to force companies to abide by the authority’s regulations.

Mariam Al Suwaidi, deputy CEO for Issuance, Research and Legal Affairs at the ESCA said: “It will be a more transparent law seeking full clarity from listed companies. With the current rules and regulations, there are some ambiguities in the interpretation of some articles so we are trying to come up with a law that is more clear.”

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Tags: Central Bank, Corporate governance, Damas, fraud, transactions, transparency

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2 Comments

mike on October 17, 2009 9:19 am

I have a question. How can the UAE government promote transparency when they are the first to break that ideal? Look at the local papers?!!!! we have no idea what’s going on in the country because everything HAS TO BE depicted positevely, especially if it has to do with Dubai. We have to rely on International press to know exactly what is going on in this side of the world.

Ignorance… i have no faith in Dubai….
jouwanna :) on October 20, 2009 11:46 pm

Non- tronsparency is but a one of there Disadvantages !… the worse they dont belive and trust there one Media and pressmen& themselves capability too, they have been spent arround 4 decades hiring stranger advisers , specialsits, experts in order to guide them how to create ideas an to build there nation , , Now they left them alone in a dark after they did it in there one way .. gaining wealth most of them have run away with bad transactions, so now it is a time of local people why not?!!!…
you will wait and see more…
Jouwanna