Damascus, Jan. 28 (SANA) Syria’s Central Organization of Financial Control said on Wednesday it had uncovered financial irregularities at the state-run Syrian Petroleum Company, estimating losses of about 6 billion Syrian pounds ($520,000).
The watchdog said the losses stemmed from a contract signed under the deposed regime government to supply a power generation unit for drilling operations in central Homs. According to the organization, the contract price was about 70% higher than prevailing market rates.
Investigators found that the equipment was accepted despite failing to meet required technical specifications, rendering it unfit for its intended purpose.
Those involved in the case have been referred to the judiciary on charges of negligence resulting in damage to public funds, the organization said, adding that further efforts were under way to recover losses and pursue similar cases.
R.A
