UAE Jeweller Damas International said on Tuesday it appointed a temporary chief executive, filled several other positions, and continues to trade well, despite being laden with debt.

Sanjay Kalsi was appointed as interim acting chief executive from chief financial officer, while Dinish Dhanak became interim acting chief financial officer from deputy, the company said in a statement on the bourse website.

Sanjay Manchanda, a partner at PricewaterhouseCoopers and who is advising Damas on its restructuring, was appointed as chief restructuring advisor.

"I am pleased to report that the company continues to trade well and is generating cash from its operations," Tawfique Abdullah, chairman of Damas said in the statement.

In December, Dubai-based Damas posted around $200 million first-half loss and has undergone a change of top management since the company accused its former head of involvement in $165 million of "unauthorised transactions."     

Former chief executive Tawhid Abdulla, who left in October, has denied any wrongdoing.

Damas is expected to be nearing a standstill agreement with its creditors of up to 4 billion dirhams ($1.09 billion) on the group's debt, a person close to the talks said in January.

Damas is primarily involved in the business of trading in gold and gold jewellery, diamond jewellery, pearls, watches, silver and precious stones on a wholesale and retail basis.

The firm is dealing with nearly 20 banks, including international players such as France's BNP Paribas and Britain's Barclays, as well as local lenders, according to a financial statement released in December.

It continues to reviewing candidates for a permanent chief executive's position, its statement said on Tuesday. - Reuters