Damas appoints founding brothers as senior advisors

Dubai: Jeweller Damas International said on Tuesday it appointed its founders, the Abdullah brothers, as senior advisors to the company, months after they left the firm for making unauthorised transactions.

Damas also said that George Rabahie, head of legal, was no longer employed by the company.

The Dubai-based jeweller, which is trying to recover $165 million from its founders, is in talks with banks to restructure $872 million in debt.

In March, Dubai's regulator ordered Damas to dismiss its board and pay penalties after an enquiry found irregularities involving cash and gold.

Damas said at the time that the Abdullah brothers - one of whom was its former chief executive - may be employed by the firm or its units but would not hold any top management positions.