Damas hires international auditor

Dubai: The Middle East jewelry retailer that replaced its CEO over improper deals earlier this week is bringing in an international auditor to investigate the transactions.

Damas International said Thursday it has hired PricewaterhouseCoopers to look into deals made by former Chief Executive and Managing Director Tawhid Abdulla.

The Dubai-based company has also formed a board committee to investigate the details of the transactions, and to appoint an international law firm charged with advising the board in matters of corporate governance.

Damas announced Abdulla's departure Monday after he disclosed what the retailer called "unauthorised transactions" worth as much as $165 million.