Methanol Chemicals Company (Chemanol) announced on Sunday, April 7, that its board of directors has decided to initiate a forensic investigation into the company’s earlier acquisitions of ADDAR Chemicals Company (ACC) and Global Company for Chemical Industries (GCI).
In an emergency meeting, the board approved the appointment of an external consultancy specialized in forensic auditing to review the two deals and evaluate their feasibility and strategic value. The company noted that appropriate regulatory actions will follow once the investigation is concluded.
The move comes upon a recommendation from the Audit Committee, issued on April 7, 2025, and reflects the current board’s efforts—which commenced its term on November 12, 2024—to uphold shareholders’ rights and interests, maintain transparency, and safeguard company assets.
The acquisitions under scrutiny were finalized during the previous board’s term (November 2021 – November 2024). Chemanol emphasized its commitment to corporate governance and to acting in the best interests of its stakeholders as the company moves forward with this review.
