PAKISTAN
Indus Dyeing and Manufacturing Company Limited (PSX: IDYM) has disclosed a significant financial embezzlement involving two former employees, Nadeem ul Haq and Bakhtiar Masood, who allegedly misappropriated company funds amounting to approximately PKR 438 million.
In a notice to the Pakistan Stock Exchange (PSX), the Securities and Exchange Commission of Pakistan (SECP), and stakeholders, the company stated that an internal inquiry was launched after suspicious financial activity was detected. The investigation revealed the involvement of the two employees, leading to immediate reporting to law enforcement authorities.
Both individuals have since been arrested, and the authorities have frozen assets and properties linked to the accused and their benamidars, estimated at around PKR 522 million. Legal proceedings are currently underway, and efforts are being made to recover the misappropriated funds through the identified assets.
Indus Dyeing noted that appropriate financial provisioning for the estimated loss has been proposed, while a final assessment of the full impact is ongoing. The company has also moved swiftly to enhance its internal controls and risk management processes to prevent future incidents.
Indus Dyeing reaffirmed its commitment to transparency and maintaining the highest standards of corporate governance, stating that further disclosures will be made as more information becomes available. – ER Report
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