Damas to recover money

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Having finalized an agreement that sets in motion, the repayment of Dh 614 million from original promoters the Abdullah brothers, jewellery firm Damas is trying to recover the money owed in the wider marketplace.

The company is considering taking legal action, where necessary to recover outstanding amounts, according to CEO Anan Fakhr Al Deen. I know we will even step on a few toes in the process, but it has to be done. We have a huge amount of recoveries to be made even though we did make significant progress in recovering some in the last 12 months, and especially in the last six. Many of these deals were documented and we had the freedom to go after them. Others were from partners that had historical relations with Damas; the moment things went back to normal and we formed the legal and the present management teams and in operation with local agents the funds were recovered, said Al Deen.

He further added, The only thing we need to do now is look after the business and focus on the operational side.

This recovery is planned over a three year period and it is hoped that the physical assets would recover some value. The sum of more than Dh 1 billion, clubbed as the excess capital, which Damas has to pay (the banks), allows the institution the relative luxury of payback over six years.

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