Oman's Renaissance Services RSC.OM said it uncovered 'serious' issues at its Topaz unit, including financial misconduct and fraud, as the diversified firm posted a 77 percent plunge in its first-half net profit.
Topaz, which pulled a $500 million IPO earlier in the year, did not disclose information to the board of directors and breached the company's code of business conduct, Renaissance's Chairman Samir Fancy said in a statement published on the bourse on Monday.
The company -- one of the biggest oil services companies in the Middle East -- discovered evidence of fraud and ethical misconduct at one of the Topaz subsidiaries abroad, centered around the use of $2.9 million of cash in the business, the statement said.
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