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Damas agrees $165m repayment plan
- United Arab Emirates: Thursday, November 05 - 2009 at 11:49
The Board of Damas International has said that the three Abdullah brothers have given a formal commitment to repay $165m to the company over the next 18 months. As part of the settlement agreement, the Abdullah brothers have pledged to pay an amount of $55m within six months; an aggregate of $110m within 12 months; and an aggregate of $165m within 18 months. The Abdullah brothers have also pledged 350 million of their shares in the firm that would be transferred in whole or in part back to the company in the event that the terms of the settlement agreement are breached.
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StaffThursday, November 05 - 2009 at 11:49 UAE local time (GMT+4)
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