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Damas CEO denies making unauthorized deals
Tawhid Abdulla, the ex-CEO and managing director …
October 13, 2009 4:05 by kippreport
Tawhid Abdulla, the ex-CEO and managing director of Dubai-based jewellery group Damas denied his involvement in any unauthorized transactions, reports Reuters. “I did not do it,” Abdulla told the agency on Tuesday. “The news about me making unauthorized transactions is not true,” he added.
Damas earlier released a statement saying he had resigned “due to his disclosure to the board of what is understood to be unauthorized transactions conducted by him.” The company said that Damas’s deputy CEO Hisham Ashour, will take over his post.
Damas also said that it has asked an independent audit firm to look into the matter and release a detailed report on the unauthorized transactions, which it estimates could amount to $165 million.