Dor Alon Suspects Massive Theft of NIS 40 Million from Gas Stations
Energy company Dor Alon announced Tuesday it suspects a large-scale theft totaling approximately NIS 40 million (about $11 million USD) from several of its fueling complexes. The company informed the stock exchange and the Israel Securities Authority of the suspected embezzlement, which it attributes to employees at specific locations.
The majority of the alleged theft is believed to have occurred over the past two years. Following the discovery, Dor Alon hired an external investigative firm and filed a formal complaint with the Israel Police. The company is also assessing the potential impact on its financial statements and the need for accounting corrections.
Dor Alon stated it has an insurance policy for fraud and embezzlement, and estimates the net impact on profits, after accounting for taxes and other effects, will be significantly lower than the NIS 40 million figure. The company also emphasized that the incident has no bearing on customer funds or obligations.
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