Saudi mobile operator Etihad Etisalat (Mobily) has suspended its CEO Khalid Omar al Kaf after alleged accounting errors forced it to revise its profit down by SR1.43bn (US$381m) earlier this month.
The company said in a statement at the weekend that al…
Saudi mobile operator Etihad Etisalat (Mobily) has suspended its CEO Khalid Omar al Kaf after alleged accounting errors forced it to revise its profit down by SR1.43bn (US$381m) earlier this month.
The company said in a statement at the weekend that al Kaf will be suspended until an audit committee completes its investigation into the matter.
Deputy CEO Serkan Okandan, who joined the company in mid-October, will replace him in the interim.
Mobily, which is partly-owned by UAE-based Etisalat, has seen its shares drop about 35% since late October when reports about the miscalculations began to emerge. Overall, its market value has decreased by more than US$6bn to SR43bn (US$11.4bn) as TelecomFinance went to press.
