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

Likewise, the central bank published a new transparency law for UAE banks in June this year. Central Bank governor Sultan Bin Nasser al-Suweidi explained in an emailed statement to the press that the new guidelines “will reinforce international competitiveness of UAE banks.”

He added: “Commercial banks are leading contributors to a successful UAE economy and are expected to show the way on high management standards and corporate governance.”

“If a bank fails it affects the whole economy so (banking) directors are the guardians of financial stability.”

For Nasser Saidi, the chief economist at Dubai International Financial Center, the frameworks for transparency “are in place.”

“I think the next step [...]is greater enforcement in terms of corporate governance standards and transparency in disclosure,” he told Kipp earlier this week.

Although the country’s standards are still below international benchmarks, Saidi said that the frameworks would give a positive impetus.

But do you think the country needs stricter regulations to enforce corporate transparency?

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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