Dhofar Cattle Feed reports financial fraud

Muscat: Dhofar Cattle Feed Company has reported a financial fraud of RO245,000 to the Muscat Securities Market (MSM).

“We would like to inform you that on reviewing the expired and damaged finished products of the company, we found that these were particularly high. On detailed scrutiny we found some employees of the company have committed fraud to the extent of approximately RO 245,000.” the company said in a filing.
“The company has revamped its systems and processes and brought additional measures of internal control. We are in the process of filing the case in the court with the help of our independent legal accountant consultant and the company’s lawyer,” the statement said.

As the amount of fraudulent activity in respect of expired dairy products has already been accounted for, there will not be any further impact on the company’s income statement. it said.

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