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Damas Jewelers sued for AED 114 million
Beleaguered Damas sued in civil court in connection with a joint venture project.
May 13, 2010 8:15 by Rasha Reslan
Damas International Limited Wednesday reported a legal claim had been filed in Abu Dhabi courts for AED 114.7 million, in connection with a joint venture businesses of subsidiary, Damas Jewellery, the company said in a press release.
The civil suit seeks compensation for an alleged breach of the joint participation agreement signed by the subsidiary when establishing the venture, the company said.
Damas reported earlier in the week that the Abdullah brothers had failed to meet the first payment deadline in a $55 million first installment payment due April 30.
Following an official inquiry by the DFSA, the Abdullah brothers were found to have withdrawn about AED365 million from Damas coffers, without board approval.