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Abdullah brothers fail to meet first repayment deadline to Damas

First installment past due in the schedule to repay $165 mn over 18 months, with $55 million due last week.

May 10, 2010 9:21 by

In ongoing developments related to Damas jewelry company, the Abdullah brothers failed last week to make a first repayment installment to the company,The National reported Monday, referring to a company statement posted on Nasdaq Dubai.

The 18-month repayment schedule stipulated that the Abdullah brothers were to repay the company approximately $165 million. The first installment of $55 million was due last week.

The Dubai Financial Services Authority, DFSA, issued fines of AED 2.5 million, for improper cash and gold withdrawals last year from the publically owned Dubai-based jewelry company. The DFSA also banned the brothers from executive positions at corporations within the Dubai International Financial Center.

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