Damas founders fined for irregularities

The Dubai Financial Services Authority has fined the owners of the region's largest jeweller business for withdrawing cash without authorisation and removed the company's board. The DFSA also banned the owners of Damas, the jeweller, from acting as directors of any company in the Dubai International Financial Centre for up to 10 years. The regulator's investigation showed that the three brothers who control the company - Tawhid, Tawfiq and Tamjid Abdullah - should repay $99m and 1.9m grams of gold taken from the company for personal use without telling the board of directors or seeking their approval.