Former Damas CEO denies making unauthorised transactions

Dubai: Former Damas CEO Tawhid Abdullah has denied being involved in any unauthorised transactions, according to reports in the local media.

Abdullah, was quoted by Arabic daily Al Khaleej but refused to provide further details as to why he submitted his resignation.

He said only: "'The news about me making unauthorised transactions is not true."

Damas, a Nasdaq Dubai-listed jewellery group, said on Monday it accepted Abdullah’s resignation as managing director and CEO due to his disclosure to the board of what is understood to be unauthorised transactions conducted by him.

The company said the full extent of these transactions has not been ascertained at this time but the company’s initial estimate is that these transactions could amount to approximately $165 million (Dh606 million).

Meanwhile, the board has appointed Hisham Ashour as CEO of the company effective October 11.

Ashour recently joined as Deputy CEO and has many years’ experience in regional and international financial management.