DUBAI - “Unauthorised transactions” that led to the departure of Damas International CEO Tawhid Abdullah included around 50 investments in real estate, healthcare and local companies, UAE daily the National reported on Wednesday, citing a source.Abdullah resigned as head of the Dubai-based jewellery group earlier this month after he disclosed “unauthorised transactions” valued at around $165 million. He was replaced by Hisham Ashour, formerly deputy chief executive.
The number and nature of the transactions has not been officially disclosed.
The source said the transactions included a stake in London’s Bupa Cromwell Hospital, a shopping mall in Turkey and the Meydan race course project in Dubai, as well as a hotel in the emirate, the newspaper reported.
The National reported last week Dubai's Angsana Hotel and Suites, owned by Damas Hotels, was at the centre of the probe into the transactions.
“There is nothing mysterious in the unauthorised withdrawals. It was an oversight in getting the approvals,” the source was quoted as saying.
Damas declined to comment when contacted by the newspaper.
Damas said on Sunday that two executives and the former CEO have pledged to repay the $165 million.
The group has appointed audit firm PricewaterhouseCoopers (PWC) and set up an oversight committee to look into the transactions.