Saudi’s National Gas and Industrialization Co (GASCO) says embezzlement claims made in its six-month financial results in August are being processed by Public Prosecution.
The company told the Saudi Stock Exchange (Tadawul) that evidence-gathering procedures are being processed against all suspects, and shareholders would be updated on the investigation on conclusion.
Argaam reported that the alleged embezzlement relates to SAR 34.2 million ($9.1 million) of the company’s funds which were disbursed to authorities which did not have contracts or legal documents relating to GASCO between 2017 and Q1 2020.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
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