Amwaj details the discovery of financial irregularities at one of its branches
Amwaj International Co. issued a new clarification regarding its earlier announcement on the presence of financial and procedural irregularities at one of its branches, outlining the date the violation was detected, the methods that led to its discovery, and the steps taken by the company up to the announcement on Tadawul. 
The company said today Oct. 22, in a statement on Tadawul, that during periodical inventory checks, the inventory committees observed discrepancies between actual inventory counts and recorded stock. Reports were submitted to the audit committee, which convened a meeting on Oct. 30.
It added that the company immediately 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. The company then disclosed the matter on Tadawul on Dec. 7.
The company stated that work is currently underway to investigate and determine the actual value of the violation to assess its financial impact on the company, while legal procedures are progressing to prosecute those suspected of involvement before the competent courts. It affirmed that it will announce any updates or new information as they arise.
According to Argaam data, Amwaj announced yesterday that initial indicators pointed to the presence of financial and procedural irregularities at one of its branches.
Amwaj details the discovery of financial irregularities at one of its branches
Amwaj International Co. issued a new clarification regarding its earlier announcement on the presence of financial and procedural irregularities at one of its branches, outlining the date the violation was detected, the methods that led to its discovery, and the steps taken by the company up to the announcement on Tadawul.
The company said today Oct. 22, in a statement on Tadawul, that during periodical inventory checks, the inventory committees observed discrepancies between actual inventory counts and recorded stock. Reports were submitted to the audit committee, which convened a meeting on Oct. 30.
It added that the company immediately 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. The company then disclosed the matter on Tadawul on Dec. 7.
The company stated that work is currently underway to investigate and determine the actual value of the violation to assess its financial impact on the company, while legal procedures are progressing to prosecute those suspected of involvement before the competent courts. It affirmed that it will announce any updates or new information as they arise.
According to Argaam data, Amwaj announced yesterday that initial indicators pointed to the presence of financial and procedural irregularities at one of its branches.
