Oman's Renaissance Services has completed an investigation into the misappropriation of $2.9 million at its Topaz unit and does not expect to recover any of the funds easily, the company said in a statement on Monday.
Renaissance added that the fraud was isolated at one foreign unit and did not find any other similar cases of wrongdoing in other parts of its business.
In a rare act of disclosure for a regional company, the oil services firm said last month that 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.
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