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Following an official inquiry by the DFSA, the Abdullah brothers were found to have withdrawn about AED365 million from Damas coffers, without board approval.
More on GCC
-
Dubai ruler makes horse doping illegal
-
CEO-elect of UAE’s fraud-hit RAKBANK has quit
-
Saudi Arabia confirms another death from SARS-like virus
-
Prepaid cards available across the UAE
-
Bahrain’s Batelco CEO leaves with immediate effect
-
Arabtec Says Workers End Strike
-
First report by Etisalat covering global footprint
-
Kuwaiti Oil Service Workers On Strike Over Pay – Union
-
Qatar’s Doha Bank May Sell Bonds To Raise Capital – CEO
-
Qatar to announce new energy infrastructure fund
-
Qatar Holding, Italy Fund Eying Versace – Paper
-
Saudi government websites targeted
-
NCoV – First report of patient-to-nurse spread
-
Saudi regulations target stock market speculators
-
Dubai’s Arqaam Capital Eyes South Africa, Saudi Expansion
-
U.S. Targets Two UAE Firms For Dealing With Blacklisted Iran Banks
-
Airbus officially picked by Kuwait Airways
-
GMR reveals top 50 Mena Corporate Brands
-
Kuwait Airways to sign $3 billion-plus Airbus deal
-
Abu Dhabi Tourism Company Loss Widens
Lately on Kipp
-
Dubai ruler makes horse doping illegal
-
CEO-elect of UAE’s fraud-hit RAKBANK has quit
-
Over 90% of passwords vulnerable to hacking
-
‘Renewable energy absolutely necessary’ – Saudi
-
NEC Display Solutions launches Full HD 3D ready compact meeting room projector
-
Saudi Arabia confirms another death from SARS-like virus
