Omani group Renaissance Services , defended itself against investor anger over late disclosure of troubles at its Topaz unit and said it will meet its short-term commitments as it focuses on turning around its troubled engineering unit.
The oil services company said on Monday it had uncovered evidence of fraud at an overseas arm of wholly-owned subsidiary Topaz Energy and Marine, which had been on the cusp of a $500 million London listing in March.
The news sent its stock down 26 percent this week and sparked questions about why Renaissance had not disclosed the financial misconduct, nor that Topaz's chief executive had resigned in May, until now.
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