Damas - Al Manara Jewellery Files AED114.7 Million Lawsuit Re JV

Damas announced this lawsuit on NasdaqDubai earlier today.

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.

There is a mention on pages 46 and 75 of "Al Manara" in Damas' 2008/2009 financials in reference to a 49% owned JV.  

Probably an issue of failing to meet a cash call - no doubt motivated by its current cash position.

Dubai Holdings Commercial Operations Group - Voluntary Suspension of MTN Listing on Nasdaq Dubai

DHOC announced that it was voluntarily suspending its listing due to failure to provide 31 December 2009 financials within the mandated time frame.  It expects to report by 16 May as reported earlier.

NasdaqDubai also announced that it had suspended IIG for failure to provide its 2009 financials as well as the continuing suspension of the following (already suspended) for failure to provide 31 December 2009 financials:

1. TID Sukuk
2. Nakheel 2
3. Nakheel 3