Gaining authority - Corporate Counsel Forum Middle East
On the face of it, the Dubai Financial Services Authority's (DFSA's) investigation into the misuse of assets belonging to the jeweller Damas makes very grim reading for anyone championing corporate governance in the Gulf. The three brothers who controlled the listed business were ordered to repay DH365m (£69m) and nearly two tonnes of gold they had taken from the company for personal use. Among the sanctions imposed by the DFSA - its toughest to date - was the removal of the company's entire board of non-executive directors.
At Legal Week’s Corporate Counsel Forum in Dubai, in-house delegates discussed their increasing power after Dubai’s economic meltdown. John Malpas reports
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