Damas faces a Dh114.7m case

Damas International has received a legal notice from Al Manara Jewellery notifying the company and one of its subsidiaries, Damas Jewellery, of a claim filed before the Abu Dhabi Courts for Dh114.7 million in relation to one of the joint venture business that the subsidiary had participated in Abu Dhabi.

Damas said in a statement on Nasdaq Dubai that the civil suit filed by the JV partner claimed compensation of an apparent breach of the joint participation agreement that the subsidiary of Damas had signed when establishing the venture.

"Damas firmly believes the case to be without merit and intends to vigorously defend its interests related to this civil action," it added.

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