SIECO submits violation reports of former executive management, external auditor to authorities

Logo of SIECO

Saudi Industrial Export Co. (SIECO) announced the completion of work done by the forensic auditor on July 5, about detecting and listing the administrative and financial misconduct of the former executive management and one of the previous external auditor firms.

Reports about misconduct were submitted to the competent authorities for the completion of all legal procedures to preserve the rights of the company and its shareholders, SIECO said in a statement.

It is currently difficult to determine the expected date of completion of this event, the company added, indicating that there are no costs associated with the event presently and the financial impact will be announced later, if any.

In May 2020, SIECO appointed one of the certified legal accounting firms specialized in forensic auditing, to list all violations and take legal action against the former management, according to data compiled by Argaam.

Earlier, the company’s external auditor issued a disclaimer report and refrained from expressing an opinion on financial statements for 2020. In addition, the audit committee had difficulty finalizing the external auditor requirements, as well as monitoring administrative and financial abuses of the previous executive management.