News
Sweets of Oman Loses RO4.5mn After Misstatement Of Financial Statements
Muscat: Sweets of Oman has reported a loss of over RO4.5mn owing to misstatements of the company’s financial statements.
The company made the disclosure on 14th October 2020 regarding the misstatement of their financial statements for the second quarter ending on 30th June 2020.
A statement from the company read: “We would like to inform all stakeholders that the Company appointed an independent auditor to review the misstatements, and based on the findings of the independent auditor the financial statements for the 3rd quarter ending on 30th September were published.”
“The accumulated losses stand at RO4,523,121 as of September 30, 2020,” the statement added.
The Company then explained that under the direction of the board they are currently formulating a business plan to overcome the situation and that an EGM will be called to review and approve their new strategy.
Sweets of Oman has launched raised legal action against the employees involved in the misstatement of the financial records.
* Image used for illustrative purposes only.
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