GASCO says investigations ongoing into suspected embezzlement of SAR 34 mln

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National Gas & Industrialization Co. (GASCO) said that evidence-gathering procedures are ongoing by the Public Prosecution against all suspects in the internal embezzlement of SAR 34 million.

The board of directors will keep the shareholders updated about the investigation results upon conclusion, the gas producer added in a bourse statement today, Feb. 24, 2021.

GASCO’s board affirms its commitment to protect the company's funds and shareholder investments, without compromising the obligation to take all legal and judicial procedures to prosecute those found guilty.

It is difficult currently to estimate the related financial impact, which will be assessed later when the audit process is completed, GASCO added.

On July 22, 2020, GASCO found out that an officer in the finance department, as per the preliminary probe, was suspected of SAR 34.2 million embezzlement, Argaam reported.

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.