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FINANCIAL NEWS
Renaissance investigates embezzlement case
12 Sep 2011
(MENAFN)The Omani based company, Renaissance Services, said that it finished an embezzlement investigation regarding USD 2.9 million at its Topaz unit and the company expressed its fears that the money recovery would be difficult, reported Arabian business.
Renaissance stated that this embezzlement case was discovered at a foreign unit and the company through the investigation did not detect any other similar case.
The company found a proof regarding the embezzlement case in Topaz Energy and Marine which is an abroad branch of Renaissance.
It is worth mentioning that the company, besides the newly embezzlement case, is having a financial decline in which its share decreased to reach 37.8 percent from the beginning of the current year.
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