Important disclosure by United Finance to MSM

Times News Service

MUSCAT: The Board met on 8th March 2018 to consider the revised financials (draft) which has been received from the Auditors.

The Board reviewed and approved the revised financials reflecting a net profit of RO. 1,022,851/- for submission to regulatory authorities.

Considering the revised financials, the Board withdrew the recommended proposal for declaration of dividend for the financial year 2017.

Taking into account the current circumstances of the Company, the Board decided to withdraw the proposal for reduction of share capital of the company.

The Fraud Investigation Committee of the company submitted its report, wherein it stated that the Nizwa Branch Manager appears to have indulged in accounting manipulations and theft of company’s loan records. The amount of the above irregularities is quantified at RO1.35 million, which has been fully provided for in the financials for year 2017.

The revised

financials

will be published, subsequent to the approval from appropriate authorities, according to Mohamed Abdulla Mohamed Al Khonji, Chairman of United Finance.