Dor Alon Employees Suspected of Stealing $11 Million

Energy company Dor Alon has reported to the Tel Aviv Stock Exchange that employees at several of its gas station complexes are suspected of stealing approximately 40 million shekels (around $11 million USD). The company revealed in a dramatic filing that the majority of the alleged theft occurred over the past two years.

Following the discovery, Dor Alon hired an external investigation firm to delve into the complex affair. Simultaneously, the company filed a formal complaint with the Israel Police, initiating a criminal investigation into those involved. The company's management is currently assessing the potential impact of these alleged thefts on its financial statements, including the possibility of needing to amend past accounting records.

Despite the substantial sum, Dor Alon aims to reassure investors, stating that it holds an insurance policy covering fraud and embezzlement. The company's CFO, Hadar Levin, who signed the stock exchange notice, clarified that the actual impact on the company's profits, after accounting for taxes and other factors, is expected to be significantly less than 40 million shekels.

Dor Alon also emphasized that this serious incident has no effect on customer funds or their charges at the gas stations, and that the end consumer's accounts remain unaffected. The alleged scheme involved employees systematically stealing cash from registers. The company uncovered discrepancies between expected revenues and actual financial reports, leading to the suspicion of employee theft. A private investigation firm was hired, gathering evidence, including security camera footage, that allegedly implicates several employees in the theft. These findings were handed over to the company's management, which then filed the police report.