Dor Alon Reports Suspected 40 Million NIS Employee Embezzlement
Dor Alon Energy has reported a suspected 40 million NIS cash embezzlement by its employees at several gas stations. The company has filed a complaint with the Israel Police.
Dor Alon Energy has reported to the Tel Aviv Stock Exchange a suspected embezzlement of approximately 40 million NIS. According to the company's regulatory filing, the theft was allegedly carried out by its own employees across several fueling complexes over the past two years.
Upon discovering the discrepancies, Dor Alon hired an external private investigation firm to probe the matter and filed an official complaint with the Israel Police.
The energy company is currently evaluating the potential impact of the incident on its financial statements, including whether retroactive accounting adjustments will be required.
However, Dor Alon noted that it holds an insurance policy covering embezzlement and fraud. The company estimates that the net impact on its profits, after tax adjustments and insurance coverage, will be significantly lower than the gross theft amount of 40 million NIS.
The suspected embezzlement took place at several gas stations operated by the company in the Sharon and Shfela regions. The company suspects that the employees stole cash. The scheme was uncovered after Dor Alon's internal control systems flagged irregularities, prompting the company to launch the private investigation.
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