MUSCAT: Muscat Finance, the largest non-banking financial company in Oman, has unearthed financial irregularities with a potential impact to the tune of RO 900,000 to the firm, according to a statement the company issued to Muscat Securities Market (MSM) revealed.
As per the statement, the company said irregularities were found in the operation of the account of one of the company’s customers. However, no details of the customer or the narration of the incident has been revealed.
The statement issued to MSM by the company CEO states that it had “undertaken a number of remedial actions for the recovery of any losses or damages that it may suffer as a result of this incident”. However, the monetary impact, may be substantially lower on successful recovery.
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In an earlier filing, Muscat Finance said its Board of Directors had appointed an “independent consultant to investigate suspected transactions with regards to a particular account holder and to prepare a report”.
“Based on the report prepared and submitted by external consultants, the Company has identified irregularities and undertaken a number of remedial actions, including: (a) Initiating criminal and civil proceedings against the concerned account holder; (b) Identified areas of risk and internal control gaps in the factoring department which is being addressed; (c) Reviewing the performance of the company’s employees involved in the incidents; and (d) Planning disciplinary actions to be taken against the concerned employees.”
