February 12, 2012
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Watchdog hits Mideast jeweler
22 March 2010 / AP, DUBAI
The Middle East jewelry retailer tripped up by improper dealings involving its CEO has been sanctioned by a Dubai financial regulator.
The Dubai Financial Services Authority on Sunday hit three brothers at the top of the family-run Damas International with undisclosed fines and barred them from serving as directors of the company for a decade. The regulator says Damas is required to appoint a new board and implement oversight measures to protect “the company, its assets and shareholders’ interests.” The DFSA is the regulator for the Dubai International Financial Center, a banking hub that houses the Nasdaq Dubai stock exchange.
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