Fuel Company Suspects Employees of $10 Million Embezzlement
Energy company Dor Alon reported to the stock exchange on suspicion of embezzlement totaling NIS 40 million (approximately $10 million USD) by its employees. The alleged theft occurred over the past two years across several of the company's gas station complexes, primarily in the Shfela and Sharon regions.
Dor Alon has hired an external investigation firm and filed a complaint with the Israel Police. The company is currently assessing the potential impact on its financial statements, including the possibility of needing to amend accounting records.
While the company has an insurance policy for embezzlement and fraud, it anticipates the net impact on profits, after accounting for taxes and other effects, will be significantly less than the NIS 40 million figure.
The internal control system flagged irregularities, prompting the company to engage private investigators. The suspected method of theft involves cash stolen by employees at the gas stations the company operates.
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