The Abdullah brothers yesterday produced a list of assets that are potentially available for liquidation to be converted by them into cash to be contributed to Damas as unencumbered assets to meet their obligations under a settlement agreement, according to a statement by the company on the Nasdaq Dubai website.

The settlement agreement was signed between Damas and the Abdullah family in respect of the repayment of transactions that led to the resignation of Tawhid Abdullah as CEO of the company last month.

"Such assets consist principally of real estate investments in the Middle East and North Africa [including a number of residential and commercial buildings and units in the UAE] and an investment in a shopping mall in Turkey," said the company.

Abdullah brothers have also pledged 350 million of their shares in the company that would be transferred in whole or in part back to the company in the event of the terms of the settlement agreement are breached.

"This share pledge is in the process of being perfected," said the statement.

The brothers will repay a total of $165 million (Dh606m) to Damas International in phased schedule over 18 months, as per the payment schedule announced by the board of Damas International yesterday.

"In furtherance of the terms of the Settlement Agreement, the Abdullah brothers have undertaken to pay an amount of $55m within six months; an aggregate of $110m within 12 months; and an aggregate of $165m within 18 months," said the statement.

Any balance in excess of the $165m as a result of any findings arising from the PwC investigation or otherwise, any such excess amounts in cash and/or unencumbered assets within 24 months.

All payments are to be made in cash and/or unencumbered assets.

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