Riyadh – Mubasher: The Saudi Paper Manufacturing Company's Board of Directors and financial affairs department have detected a suspicious manipulation in the firm’s accounting entries for 2017.
Fake accounting entries were created to cancel previous receivables related to the sale of lands owned by the company. A sum of SAR 25.55 million is suspected to be missing, according to a bourse statement on Monday.
The company has appointed auditing and legal offices to follow up with the case and further submitted a claim to competent authorities.
Further details will be provided in due course, Saudi Paper said, noting that the financial effect will be positive in case the money is refunded.
