The Abdullah brothers have resolved their US$22 million (Dh80.79m) legal dispute with Amwal AlKhaleej after transferring 20 million shares in Damas International to the Saudi private equity company as part of a settlement.
Amwal AlKhaleej sued the brothers, who are majority shareholders of Damas International, after accusing the jewellery retailer of not paying for shares it acquired before the Dubai company went public in 2008.
The settlement of the dispute clears a major hurdle for Tawfique, Tawhid and Tamjid Abdullah, who already owe Dh606m to Damas International after making "unauthorised transactions" at the company without the approval of shareholders.
Ammar al Khudairy, the chief executive of Amwal AlKhaleej, said the $22m claim at the Dubai International Financial Centre Courts was being dropped. "We got what we were aiming to get, and it's much better to do something like this out of court than in court," Mr al Khudairy said. "So we are very satisfied with the outcome."
Amwal AlKhaleej was an early investor in Damas, buying an $82.5m stake in June 2008. During the initial public offering (IPO) later that year it sold off a portion, reducing its stake in the jeweller.
The company, based in Riyadh, later alleged the brothers had agreed to buy more than 22 million of its shares in Damas at $1 a share in an agreement dated June 16 2008 - two weeks before Damas's IPO of 25 per cent of its stock.
After the firm transferred the shares to the brothers they did not pay the $22m owed, Amwal AlKhaleej alleged in court documents obtained by The National.
Last November the Abdullah brothers agreed to make a partial payment of $9.2m for 9,750 shares but did not make it, according to the documents.
Amwal AlKhaleej later sued, asking for the return of its 22 million shares or payment of $22m with interest. Mr al Khudairy would not disclose details of the out-of-court settlement but said the shares transfer and compensation were part of the deal.
The shares, worth $3.2m, were transferred on August 11 between Amwal AlKhaleej, the Abdullah brothers and Damas Investments, the company owned by the brothers, Damas said in a statement to the NASDAQ Dubai yesterday.
This brings Amwal AlKhaleej's share of Damas International from 11.23 per cent to 13.26 per cent, the statement said.
As of March 31, the Abdullah brothers' share in Damas International stood at about 551 million of 989 million shares, representing about 55 per cent, according to Damas' annual report.
The transfer of the Abdullah brothers' 20 million shares represents only a fraction, but comes in addition to 350 million shares the brothers have already pledged to return to the company if they did not repay back the Dh606m owed.
These unauthorised transactions involved at least 50 deals, mainly in property, such as investments in a shopping mall in Turkey and a resort in Fujairah, and nearly two tonnes of gold.
In August, Damas International revealed a Dh1.9 billion loss for the financial year to March 31.
While its retail business was profitable, the losses stemmed from lower sales and Dh1.9bn in one-time write-offs, some related to the brothers' transactions.
The brothers originally signed a deal to repay the Dh606m over 18 months. But Damas is now trying to sign a new three-year "cascade agreement" alongside as a co-creditor with the other parties to which the brothers owe money.
Damas aims to sign this repayment deal by the end of September, alongside a Dh3bn debt restructuring agreement with more than 20 lenders.
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The specs
Engine: Four electric motors, one at each wheel
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Qosty Byogaani
Starring: Hani Razmzi, Maya Nasir and Hassan Hosny
Four stars
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When: April 24, 10.45pm kick-off (UAE)
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Engine: 3.0-litre six-cylinder turbo
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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Price: Dh380,000
On sale: now
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Al Wasl v Dibba, 7.45pm
Friday:
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Saturday:
Ajman v Emirates, 4.55pm
Al Ain v Sharjah, 7.45pm
The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
MATCH INFO
English Premiership semi-finals
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
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Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
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The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
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World Sevens Series standing after Dubai
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10. Spain
11. Argentina
12. Canada
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14. Uganda
15. United States
16. Russia
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
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- AR and VR-enabled learning centres
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Disposing of non-recycleable masks
Use your ‘black bag’ bin at home
Do not put them in a recycling bin
Take them home with you if there is no litter bin
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950