(MENAFN- Muscat Daily) Muscat -
Responding to the news recently circulated in social media about a financial misappropriation at the company, Galfar Engineering & Contracting Company on Sunday clarified that the news is not true and no money has been misappropriated from the company.
'With regard to the news that an employee of Galfar misappropriated RO4mn, we would like to clarify that this news is not true. No money has been misappropriated from the company,' the company said in a statement to the Muscat Securities Market.
Galfar, however, added that an anonymous whistle-blower had informed the company about fraud by an ex-employee of the company with other third parties, which is now under investigation by the public prosecution. 'The current internal legal and management view is that there is no liability to the company in regard to this matter,' the company said.
With regard to delayed salary payments, Galfar said that it is primarily due to the company's overdue payments by its big clients for very long periods.
'The company is actively working with its clients and the banks to overcome the current cash shortfall and the company is committed to pay all salaries during next week,' Galfar added.
MENAFN1509201901410000ID1099008043
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.