The CEO of M/s Elysium Holdings Pakistan Ltd, was arrested for causing loss to the DHAI by illegally selling non-saleable certificates of DHAI in violation of contract agreement and without payment to the land owners.
The management of M/s Elysium Holdings Pakistan Ltd, in connivance with the ex-management of DHAI Ranches had sold certificates of DHAI Ranches in violation of contract agreement.
Mark Moss, DHAIS chairman, explained: "At the time of joining Plus (Market), the directors identified new business opportunities within the diverse and fragmented mobility sector.
The purchase consideration was part in cash and part in DHAIS Plc shares.
I listed Dhais with a turnover of pounds 200,000 a month in July 2008 and the market capitalisation was about pounds 4m on listing.
Dhais acquired the entire operation of rival Hear Savers when it went into administration.
DHAIS is confident that through group integration this acquisition will prove to be earnings enhancing given the anticipated synergies going forward.
DHAIS has also entered into a funding loan and non-exclusive supply agreement with Phonak - part of the Sonova Group which is a world leader in the design, development, production and distribution of wireless and hearing systems.
The directors believe that following the acquisition, a restructuring programme under the Dhais formula will "rejuvenate" the business and return it to profitability.
Moreover, Dhais is confident that through group integration the acquisition will prove to be earnings enhancing - given the anticipated synergies going forward.
The acquisitions meant DHAIS could move from freelance marketing in generating sales leads for digital hearing aid retailers, manufacturers and distributors, into retail itself.
DHAIS had previously lent pounds 885,000 to Cranley over a 12 month period and Cranley had used that to accumulate nine hearing and mobility centres.