Oil firm uncovers procurement irregularities

24 March 2009

24 March 2009 | Martha McKenzie-Minifie

Listed exporter Dragon Oil is investigating former staff for accusations of bribery, according to the preliminary findings of an independent report released today.

The company said in a statement that "improper conduct" had been identified in its marketing and contracts departments, where staff had colluded to override controls in the procurement process.

Accountancy firm KPMG is investigating the irregularities. The preliminary findings did not detail the scale of the deals but Dragon Oil's chief executive officer Dr Abdul Jaleel Al-Khalifa said it would have no material impact on the company's financial position.

"I am also pleased these irregularities were identified internally and that we commissioned the investigation promptly," he said in a statement.

Dragon Oil delayed the release of its preliminary results to 31 December while the investigation was completed. It now intends to publish them this Friday.

SMmar2009

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