Amwaj explains financial irregularities, actions taken

Amwaj details the discovery of financial irregularities at one of its branches

Amwaj International Co. disclosed today, Dec. 8, further details on the financial and procedural irregularities detected at one of its branches.

The company outlined the date of the violation, the detection methods, and the steps taken by the company until the date of announcement on Tadawul.

During periodical inventory checks, the inventory committees observed discrepancies between actual inventory counts and recorded stock, Amwaj said. Reports were submitted to the audit committee, which convened a meeting on Oct. 30.

Amwaj formed an investigation committee and filed a report with the Public Prosecution on Nov. 10. It also appointed a lawyer to represent it before the relevant authorities.

Finally, the disclosure was posted to Tadawul on Dec. 7.

Investigations are ongoing into the matter to determine the actual value of the violation to assess its financial impact on the company. Legal procedures are progressing to prosecute those suspected, the statement noted.

Amwaj said it will announce any updates or new information as they arise.

On Dec. 7, Amwaj announced that initial indicators pointed to the presence of financial and procedural irregularities at one of its branches, Argaam earlier reported.