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, seemingly unnoticed by management.

Following the discovery, Dor Alon hired an external investigation firm to probe the complex affair. Simultaneously, the company filed a formal complaint with the Israel Police, initiating a criminal investigation into those involved. The company's finance department 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 significant sum, Dor Alon aims to reassure investors, stating that it holds an insurance policy covering fraud and embezzlement. The company's CFO, Hadar Levin, clarified in the filing that the actual impact on the company's profits, after accounting for taxes and other factors, is expected to be considerably less than 40 million shekels. Furthermore, Dor Alon emphasized that customer funds and charges at their gas stations remain unaffected by this incident, and the end-consumer funds have not been compromised.

The suspected method of theft involved employees systematically taking cash from registers. The company became aware of the discrepancies when financial reports showed lower-than-expected revenues. A private investigation was launched, and investigators reportedly gathered evidence, including security camera footage, allegedly implicating several employees in the theft. These findings were then handed over to the company, which subsequently filed the police report.