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FINANCIAL NEWS
Oman’s Renaissance reveals fraud at its Topaz unit
16 Aug 2011
(MENAFN) Oman’s Renaissance Services’ Chairman, Samir Fancy, said that the firm discovered evidence of fraud and misconduct at its Topaz unit about the use of USD2.9 million of cash in the business, reported Emirates 24/7.
Fancy added that in the first half of the year, net profit at the oil services firm dropped 77 percent to USD5.84 million from USD25 million in 2010’s same period.
He also said that due to valuation concerns and increasing regional political upheaval, in March, Renaissance pulled a USD500 million initial public offering of its Topaz unit.
It is worth noting that the amount of the cash in the financial fraud could go up to USD30 million.
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