Following a disclosure to the Oman bourse last month, Oman’s Renaissance Services has completed an investigation into the misappropriation of $2.9 million at its Topaz subsidiary and does not expect to recover any of the funds easily, the company said in a statement on Monday.
Renaissance added that the fraud was isolated at one foreign unit and did not find any other similar cases of wrongdoing in other parts of its business. In a prior statement the company said the fraud was due to “misappropriation,” and Stephen Thomas, CEO of Renaissance disclosed that the fraud had been going on before Topaz acquired the foreign subsidiary in question.
The oil services firm said last month that it had uncovered evidence of fraud at an overseas arm of Dubai-based wholly-owned subsidiary Topaz Energy and Marine, which had been on the cusp of a $500 million London listing in March. The firm faced criticism over the delay in disclosing the discovery of “serious issues” at Topaz to the market, but has since been at pains to communicate progress in dealing with the issues uncovered.
