Dubai: Damas International Limited yesterday said it has signed several agreements to recover more than Dh337 million in outstanding payments.
"We have created a taskforce to focus on financial recoveries for the company," said Anan Fakhr Al Deen, CEO of Damas International Limited. "We have concluded several agreements to recover funds from different sources that were owed to us. This is a positive step in our ongoing restructuring and we are ensuring that we allocate sufficient resources to recover outstanding dues owed to us," he said.
Internal crisis
The money is part of the sum taken out by one of the Abdullah brothers from the company account more than a year ago that triggered a crisis within the organisation with industry observers asking for strict implementation of corporate governance rules.
Damas is a public company listed on the Nasdaq Dubai index.
"In the recent years regional regulators have been taking proactive steps to improve corporate governance.
"As a result the overall transparency and disclosure standards of companies have improved. With improving regulatory input and shareholder activism we expect companies to adopt better governance standards," Dr Nasser Saidi, executive director of Hawkama Institute, said yesterday on the sidelines of a press conference.
