How was the loss of crude oil stocks discovered by the company?

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The company discovered the loss of crude oil stocks on November 2, with investigations ongoing to locate two employees believed to be involved.

The loss of crude oil stocks from the company’s storage tank was discovered at approximately 9 am on November 2. Investigations are currently underway, with police seeking two employees of the oil company to assist in the case, which is being treated as criminal breach of trust. The estimated value of the lost crude oil is up to RM113,000.
Discovery of Stock Loss

The exact method by which the loss of crude oil stocks was detected is not specified. However, such discrepancies in inventory are typically identified through routine stocktaking procedures or internal audits. These processes are standard practice within companies managing physical commodities to ensure accurate tracking of assets and to identify any potential irregularities or discrepancies in stored materials.
Criminal Breach of Trust Investigation

A manager from the company lodged a report on November 12 regarding the incident. The case is being investigated under Section 408 of the Penal Code, which pertains to criminal breach of trust by an employee. The authorities are actively searching for two individuals, identified as Mohammad Safiy Khan Muzair, 30, and Sheikh Izzudin Sheikh Salleh, 37, to aid in their inquiries.
Police Appeal for Information

The Melaka police are appealing to the public for any information that could help locate the two suspects. Individuals with knowledge of their whereabouts are encouraged to contact the Melaka Commercial Crime Investigation Division head, ASP Lim Chee Jiun, at 012-5075675, or the investigating officer, Insp Nurul Mazatul Ayu Mazlan, at 010-8200677.

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How was the loss of crude oil stocks discovered by the company?

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