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Article: Mideast jeweler hires auditor after improper deals
- Article from:
- AP Worldstream
- Article date:
- October 15, 2009
- Author:
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The Middle East jewelry retailer that replaced its CEO over improper deals earlier this week is bringing in an international auditor as it tries to clean up the latest corporate scandal to rock the oil-rich Gulf.
Damas International Ltd. said Thursday it has hired PricewaterhouseCoopers to look into deals made by former Chief Executive and Managing Director Tawhid Abdulla. The company has said Abdulla made "unauthorized transactions" worth as much as $165 million, but has provided no additional details.
"The appointment of PWC demonstrates the board's commitment to corporate governance and how seriously we take the disclosure from Tawhid," Chairman ...