Dhofar Cattle Feed has reported a financial fraud of RO245,000, committed by some employees of the company, to the Muscat Securities Market (MSM).
In a disclosure to MSM, the company said, ‘We would like to inform you that on reviewing the expired and damaged finished products of the company, we found that these were particularly high. On a detailed scrutiny, we found some employees of the company have committed fraud amounting to approximately RO245,000.
‘The company has revamped its systems and processes and brought additional measures of internal control. We are in the process of filing the case in the court with the help of our independent consultant legal accountant and the company’s lawyer.’
According to the company, the amount defrauded in the guise of expired dairy products has already been accounted for. ‘There will not be any further impact on the company’s income statement,’ it said.