2018-10-08

Decision of the Appeal Committee of the CMA

Sohar power Company SAOG would like to inform the Shareholders community that on 03 October 2018, the Company was notified of a decision of the Appeal Committee of the CMA (Decision No. 2/2018) dated 03 October 2018, confirming the Decision 10/2018 of the Disciplinary Committee of the CMA issued on 16 May 2018 and warning the Company that it is in violation of Article 5 of the Capital Market Law and obligating the Company to restate its financial statements to comply with International Accounting Standard 17.  This Decision has arisen because the Company accounts for 2016 were qualified by the external auditors due to a differing interpretation of lease revenue recognition. Historically, the Company has consistently applied its interpretation of the lease revenue recognition policy in its audited accounts. More information about the external auditors’ qualification is available in Note 4 of the 2016 published financial statements.

Once the detailed judgment is received, the Company will seek legal advice with regard to its right to appeal against the Decision and will continue to engage with relevant regulatory authorities.

 

Thanking You,

For Sohar Power Company SAOG  

 

Guillaume Baudet  

Chief Executive Officer