SPM suspects account manipulation in 2017 amounting to SAR 25.55 mln

Saudi Paper Manufacturing Co. (SPM) said that it has uncovered a suspicious manipulation of the company’s accounting journal entries in 2017 by the company’s management and financial department management according to the preliminary investigations.

The manipulation is represented by creating fake accounting entries to write off previous receivables for an amount of SAR 25.55 million related to the sale of company-owned lands, according to a bourse filing on Monday.

SPM added that it has appointed auditing and legal firms to follow up with the case and reported the incident to competent authorities.

Any updates regarding this matter will be disclosed in a timely manner, the Saudi-listed firm said, indicating that the financial impact will be positive if the amount is recovered.

SPM emphasized its keenness to protect the company's funds and shareholders' investments, and seeks all legal and judicial procedures to recover the firm’s and shareholders’ rights.