The Board of Damas International Limited has appointed PricewaterhouseCoopers(PWC) as an independent auditor to examine the unauthorized transactions conducted by former CEO and Managing Director Tawhid Abdulla.
The appointment of PWC follows the formation of a separate committee, by the Board of Directors, to examine these transactions in detail. The committee consists of Chairman Tawfique Abdulla, and two Non-Executive Directors. The committee is also in the process of finalising the appointment of an international law firm, whose role will be to oversee and advise the committee and Board of Directors on ongoing Corporate Governance.
Tawfique Abdulla, Chairman, commented, “The appointment of PWC demonstrates the Board’s commitment to Corporate Governance and how seriously we take the disclosure from Tawhid to the Board, regarding these transactions. The focus now is on cooperating with PWC so they can report their findings to the regulators, bringing clarity and reassurance to all of our stakeholders through the independent audit. It is important to note that the business continues to perform well in the current economic climate and that the Company has adequate funds to meet its current financial obligations and is continuing to conduct business as usual. Finally, the Abdulla family is fully committed to repaying, in cash, all of the transactions and we have more than enough assets to achieve this.
Related posts:
- Tawhid Abdulla Resigns as Damas CEO & MD Amid Unauthorized Transaction Disclosure Issues
- Sanjay Kalsi Appointed Interim Acting CEO of Damas
- Abdullah Brothers Complete Pledge of 350 Million Shares in Damas International
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