Embezzlement claims being processed by Public Prosecution - Saudi GASCO

The board of directors of the Saudi-based gas distributor said it was committed to protecting shareholder funds and investments

  
An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Image used for illustrative purpose.

An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Image used for illustrative purpose.

REUTERS/Ahmed Jadallah

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)

(imogen.lillywhite@refinitiv.com)

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