Indus Dong and Manufacturing Limited has reported an important case of financial embezzlement, which allegedly includes employers of two forms, Nadeem -ul -Haq and backer Masood.
The company revealed the development of the Pakistan Stock Exchange (PSX), the Securities and Exchange Commission of Pakistan (SECP), and other stakeholders.
According to the company, an internal inquiry revealed the misuse of company funds by both employees. Law enforcement agencies were immediately informed, which in turn causes the arrest of individuals and freezing their names and their colleagues’ assets and property, which is estimated to be worth rupees. 522 million.
The negative financial effects of embezzlement from dyeing Indus are estimated at around Rs. 438 million, for which appropriate delivery is being proposed. The company is working to recover funds through identified and frozen assets, while also examining the entire abuse limit.
In response, Indus Rangna has taken immediate steps to stabilize its internal control and risk management framework to prevent similar events in the future.
The company has promised to maintain transparency and will provide further disclosures as more information is available.