Business | Markets
Damas shares slump after CEO resigns
Dubai-based jeweler shares suffer as market reacts to news of $165 million in "unauthorised transactions"
- Bloomberg
- Published: 14:29 October 13, 2009
- Image Credit: Supplied picture
- Tawhid Abdullah,Managing Director and CEO of Damas International Limited.
Dubai: Damas International Ltd. lost the most in four months as the Dubai-based jeweler said Chief Executive Officer Tawhid Abdullah resigned after about $165 million in "unauthorised transactions" were revealed.
The shares had slumped 14 percent, the biggest drop since June 7, to 32 cents at 1.30pm in Dubai.
Damas also said shareholders of its loss-making subsidiary DIT Group SpA decided to wind up the company incorporated in Italy.
Abdullah resigned "due to his disclosure to the board of what is understood to be unauthorized transactions conducted by him," Damas said on Monday night.
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