GASCO says financial officer suspected of SAR 34 mln embezzlement

National Gas and Industrialization Co. (GASCO) found out on July 22, 2020 that an officer in the finance department, as per the preliminary probe, was suspected of embezzlement. 

The official was suspected of disbursing funds without legal documents to authorities, which have no contracts with GASCO for the period between 2017 and Q1 2020.  

The investigation showed that the official was suspected of embezzling SAR 34.2 million. The gas distributor filed a complaint to the competent authorities and will disclose any updates in due course. 
 

GASCO board of directors reiterated its keenness on protecting the company and shareholders’ funds, adding that the required legal measures will be taken against offenders to redeem the company’s funds.  

The suspected officer was terminated, the statement added. 

Meanwhile, GASCO hired legal and financial advisors to follow up the lawsuit, conduct investigations and estimate the related impact on the company’s financial statements for the previous years and the current period.  

Since the advisor has not finished the assessment, the impact has not yet been disclosed on the company’s condensed results. 

GASCO’s external auditor said that based on investigations, the company has not been yet able to find suitable or sufficient evidence or take any alternative measures to determine if there are any potential changes to its financial results and balances as of June 30, 2020.  

It has not been also able to determine the potential impact on the comparative figures.  

The external auditor added that the conclusion of examining the condensed preliminary financial statements for the first half of 2020 was modified, due to the potential impact of these operations on GASCO’s results and balances for this period and the comparative figures.