Financial fraud costs United Finance RO1.35mn

The United Finance’s Fraud Investigation Committee has submitted a report, which said that the manager of its Nizwa branch manipulated  accounts and loans that were granted by the company. 

The irregularities are estimated to cost the company RO1.35 million, which has been fully provided for in the financials for year 2017, United Finance informed the Muscat Securities Market (MSM).

On January 30, United Finance informed the Muscat Securities Market that the Nizwa branch manager left the country suddenly without any prior notice.

The next day, the company informed an independent agency has been formed to evaluate the facts and circumstances of the above subject and any financial implication it may have on the company and will

make further disclosures in this matter as and when there are further developments.

The Board the met on March 8 to consider the revised financials (draft) which has been received from the Auditors.

The Board reviewed and approved the revised financials reflecting a net profit of RO 1,022,851 for submission to regulatory authorities.

Considering the revised financials, the Board withdrew the recommended proposal for declaration of dividend for the financial year 2017.

Taking into account the current circumstances of the Company, the Board decided to withdraw the proposal for reduction of share capital of the company.