Arab Today, arab today renaissance uncovers fraud cuts jobs at topaz unit
Last Updated : GMT 10:46:35
Arab Today, arab today
Arab Today, arab today

Renaissance uncovers fraud, cuts jobs at Topaz unit

Arab Today, arab today

Arab Today, arab today Renaissance uncovers fraud, cuts jobs at Topaz unit

Muscat - Arabstoday

Oman\'s Renaissance Services said it uncovered \"serious\" issues at its Topaz unit, including financial misconduct and fraud, as the diversified firm posted a 77 percent plunge in its first-half net profit.Topaz, which pulled a $500m IPO earlier in the year, did not disclose information to the board of directors and breached the company\'s code of business conduct, Renaissance\'s chairman Samir Fancy said in a statement published on the bourse on Monday.The company - one of the biggest oil services companies in the Middle East - discovered evidence of fraud and ethical misconduct at one of the Topaz subsidiaries abroad, centred around the use of $2.9m of cash in the business, the statement said.Renaissance said it was moving to quickly address the issues, the one-off impact of which could climb to as much as $30m. The company will cut more than 100 jobs in Topaz\'s engineering business and expects to realise savings from the move in 2012.All managers of the unnamed overseas subsidiary were dismissed and Topaz\' chief executive, Fazel Fazelbhoy, stepped down on May 30, he added. Resignations have also been accepted for the company\'s finance director and the chief operating officer at Topaz Engineering, the statement said.The company\'s first half, which Fancy described as \"one of the most troubled periods in our company\'s history\" saw a net profit of OR2.25m ($5.84m),compared with a net profit of OR9.8m in the year-ago period. Renaissance had pulled a much-anticipated initial public offering of its Topaz unit in March, citing valuation concerns and growing regional unrest. The $500m London listing implied a market value of $1.5bn to $1.9bn for the Dubai-based unit. \"Whatever external factors may affect sentiment, the problems we have encountered internally in Topaz need to be fully resolved before any further contemplation of a listing,\" the chairman said.He added that the company is also in discussions with lead banks to refinance its debt. Renaissance shares have lost 39 percent of its value year-to-date. From / Arabian Business News

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today renaissance uncovers fraud cuts jobs at topaz unit Arab Today, arab today renaissance uncovers fraud cuts jobs at topaz unit

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday