The National has another article on the Damas saga.
This one about the plight of the Abdallah Brothers who are having difficulty making restitution for the unauthorized withdrawal of funds from Damas to fund speculation in the Dubai real estate market. They may have to sell their yacht pictured above and fish from two smaller boats. It takes a hard soul to hear a story like this and not feel compassion, I suppose. Mark AA down as having no sympathy.
But the gem in the article was this quote.
“There is nothing mysterious in the unauthorised withdrawals. It was an oversight in getting the approvals,” said the source, who declined to be named because of a continuing investigation into the transactions.
As I understand it, the funds were withdrawn from Damas to make personal investments in real estate. That is, these assets are not registered in the name of Damas. Call me old fashioned but when you take someone else's money and use it for your own purpose, that's not an oversight.
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