12 May 2010
Damas International Limited (the Company) stated today, that it received a legal notice from Al Manara Jewellery on 10 May 2010, notifying the Company and one of its subsidiaries Damas Jewellery LLC, of a claim filed before the Abu Dhabi Courts for AED 114.7 million in relation to one of the joint venture business that the subsidiary had participated in Abu Dhabi, UAE.
Damas International Limited (the Company) stated today, that it received a legal notice from Al Manara Jewellery on 10 May 2010, notifying the Company and one of its subsidiaries Damas Jewellery LLC, of a claim filed before the Abu Dhabi Courts for AED 114.7 million in relation to one of the joint venture business that the subsidiary had participated in Abu Dhabi, UAE.
The civil suit filed by the JV partner claims compensation of an apparent breach of the joint participation agreement that the subsidiary of Damas had signed when establishing the venture. The Company firmly believes the case to be without merit and intends to vigorously defend its interests related to this civil action.
The Company will provide further relevant information in this regard as and when it becomes available.
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© Press Release 2010
