Damas shares plummet 6.94% at Nasdaq Dubai

08 June 2010

The Nasdaq Dubai saw some 622,496 stocks changing hands on Tuesday. Dubai-based jewelry giant Damas International Ltd. fell by almost seven percent to $0.161 after the firm announced today that the Company has appointed the Abdullah brothers (Tawfique Abdullah, Tawhid Abdullah and Tamjid Abdullah) as senior advisors to the company. On March 21 2010, the Dubai Financial Services Authority (DFSA), the regulatory body of the Nasdaq Dubai and the DIFC, banned the Abdullah Brothers from the board of any DIFC company for 10 years and imposed a penalty of Dhs2.57m on the firm after they were found to have withdrawn Damas funds for their own personal use without disclosing it to the board. Also traded at the Nasdaq Dubai were DP World (off 2.27% at $0.43) and interior designer Depa (unchanged at $0.74).

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