MUSCAT: The board of directors of the Oman Sweets Company decided to dismiss a board member due to criminal suspicion.
 
The company has stated in a disclosure to Muscat Stock Exchange (MSX) on Sunday, that the board has dismissed a member of the board of directors due to the presence of criminal suspicion, without clarifying other details about the case.
 
Sweets of Oman has indicated that the board of directors held an emergency meeting based on information contained in the expert’s report prepared in the lawsuit, where the report shows that the “dismissed member was aware of the violations in that lawsuit.”
 
The company has confirmed that the dismissal decision takes effect from the moment the board of directors sign the minutes of the meeting, as a replacement member will be appointed for the dismissed member at the nearest meeting of the company’s Ordinary General Assembly.

In October last year, Sweets of Oman filed a criminal case against five of its employees for their involvement in misrepresenting the company’s financial statements for three years.

In the disclosure to MSX on October 14, 2021, Sweets of Oman said the misstatement “incurred a huge financial loss as shown in the financial statements which were disclosed previously in this regard. As such the business of the company is duly affected as a result of these financial losses incurred by the company.”