MUSCAT: Sweets of Oman said it has taken legal action against employees who have misrepresented its financial statements for the second quarter of 2020 which resulted the company a loss of over OMR 4.5 million.

In a statement issued to Muscat Securities Market (MSM), the company it appointed an independent auditor to review the statements and “based on the findings of the independent auditor the financial statements for the 3rd quarter ending 30th September 2020 were published. The accumulated losses stand at OMR 4,523,121/- as on 30th September 2020,” Sweets of Oman said.

“Further, we would like to inform you that under the direction of the board, the company is currently formulating a business plan to overcome the above situation and that on EGM will be called , as soon as possible to review and approve the same. We also like to advise that the Company has taken legal action against employees who have caused misstatement of the financial statements,” the statement added.