Dor Alon Energy Suspects Embezzlement of $40 Million in Cash

Energy company Dor Alon, which operates gas stations across Israel, has reported a suspected large-scale embezzlement of approximately 40 million shekels (about $10.7 million USD) in cash. The company announced on Tuesday that the alleged thefts were carried out by employees at specific gas station complexes over the past few years.

Dor Alon has filed a complaint with the Israeli Police and hired an external investigation firm to look into the matter. The company stated in its report to the stock exchange that based on initial findings, the estimated amount stolen is around 40 million shekels, with most of it occurring in recent years.

The company is currently assessing the potential impact of the embezzlement on its financial statements and whether accounting adjustments will be necessary. Dor Alon also confirmed it has an insurance policy for fraud and embezzlement, and stressed that the incident has no impact on customer funds or obligations.

The alleged thefts reportedly took place at gas stations in the Sharon and Shfela regions of central Israel. The company has not yet provided further details on the specific number of employees involved or the exact timeframe of the alleged criminal activity.