Muscat: Sweets of Oman in October this year informed the Capital Market Authority, the Muscat Securities Market, and the investor community that it will validate the accuracy of the company's financial statements for the half-year accounts ending June 2020. which may contain misstatements, the extent of which is being evaluated by an independent agency.
Subsequently, the company made a statement on Wednesday, which said, "Reference is made to the disclosure made on October 14 regarding the misstatement of the company's financial statements for the second quarter ending June 30, 2020. we would like to inform all the stakeholders that the company appointed an independent auditor to review the misstatements and based on the findings of the independent auditor the financial statements for the third quarter ending September 30. 2020 were published.
The accumulated losses stand at RO4,523,121 as of September 30, 2020, the statement said.
"We would like to inform you that under the direction of the board, the company is currently formulating a business plan to overcome the above situation and that an EGM will be called, as soon as possible, to review and approve the same. We also like to advise that the company has taken legal action against the employees who have caused the misstatement of the financial statements."
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