Shafaq News/ The Integrity Commission announced the results of the work of the investigation team on the subject of violations of a contract of a distribution of oil products and Investment Company, indicating the recovery of an amount of (50,000,000) million US dollars to the state treasury.

The Department of Investigations in the Authority pointed out that it formed a special team to investigate violations of the contract between the two companies, pointing out that its efforts resulted in the recovery of $ 50,181,722 million for the benefit of the Oil Products Distribution Company through the return of cheques disbursed to the investment company during the years (2017-2019). The company has stopped issuing naphtha material to the investment company and calculating the amount paid by it to pay part of the fines imposed on it.

The department added that the total amount of the fine imposed on the investment company amounts to (58,240,527) million dollars, pointing out that its receivables recorded in the records of the Oil Products Distribution Company have been withheld, and that the remaining financial fines amounting to (7,488,106) million dollars are deducted of its dues.

The Department confirmed that the Federal Office of Financial Supervision - the Department of Audit of Industrial Activity confirmed in a letter addressed to the Integrity Commission, the recovery of $ 50,181,722 million from the investment company for the benefit of the Oil Products Distribution Company, which in turn referred to the authority to recover the said amount for its benefit.

It stressed that the erection and calibration of the power plants’ meters of the investment company resulted in the recovery of funds, and determine the amounts owed due to the company, as well as stop wasting public money that may occur.