Employees suspected of stealing over $13 million from gas stations
The suspected theft took place over two years at several fueling complexes in the Sharon and Shephelah regions, according to Dor Alon. An internal investigation detected signs of embezzlement, prompting the company to hire an outside investigation firm and file a complaint with police.
Dor Alon Energy reported to the Tel Aviv Stock Exchange on Tuesday that it suspects employees stole NIS 40 million ($13.3 million) from the company over the past two years.
According to the company, the suspected theft took place at several fueling complexes operated by Dor Alon. The company said it launched an investigation after its internal control systems detected signs of possible embezzlement.
Dor Alon said it subsequently hired an outside investigation firm and filed a complaint with the Israel Police. It is also examining the potential impact of the incident on its financial statements, including whether any accounting records need to be corrected.
The company said it has insurance coverage for embezzlement and fraud and expects the impact on its net profit, after taxes and other effects, to be significantly lower than the NIS 40 million scope of the suspected theft.
The suspected embezzlement allegedly occurred at several gas stations in the Sharon and Shephelah regions. According to the company, the suspected perpetrators were employees who allegedly stole cash from the stations. The investigation was launched after Dor Alon's internal controls detected irregularities.
