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PWC to Probe Unauthorised Deals by Former Damas CEO
DUBAI — Dubai-based jewellery group Damas International Ltd. has tapped PricewaterhouseCoopers, or PWC, as an independent auditor to probe the unauthorised transactions of some $165 million by former Chief Executive Officer and Managing Director Tawhid Abdulla.
Damas on Tuesday disclosed to the NASDAQ Dubai that its board has accepted the resignation of Abdulla due to his own admission that he made the unauthorised deals. The appointment of PWC comes after the creation of a separate committee to examine these transactions in detail, Damas said in a statement to the NASDAQ Dubai on Thursday.
The committee consists of Chairman Tawfique Abdulla, Tawhid’s brother, and two non-executive directors.
Damas said the committee is also in the process of finalising the appointment of an international law firm, whose role will be to oversee and advise the committee and board of directors on ongoing corporate governance.
PWC will report its findings to the committee in the coming weeks. The findings will be submitted to NASDAQ Dubai and the Dubai Financial Services Authority. Tawfique Abdulla reiterated that his family is fully committed to repaying all of the transcations in cash, and that they have more than enough assets to achieve this.
“The focus now is on cooperating with PWC so they can report their findings to the regulators, bringing clarity and reassurance to all of our stakeholders through the independent audit.” In late session on Thursday, Damas shares were flat at $0.31. The stock had plunged by 13.5 per cent on Tuesday, and by 3.1 per cent on Wednesday.
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