Etihad Etisalat Suspends CEO Over Accounting Gaffe

12/1/2014 6:31:54 AM

(MENAFN- Qatar News Agency) Riyadh November 23 (QNA) - The Kingdom of Saudi Arabia's second mobile phone service provider Etihad Etisalat (Mobily) has suspended its Chief Executive Officer over financial statement errors.

Managing Director and CEO Khalid Al-Kaf will remain suspended until Mobily completes a probe into the accounting errors that compelled it to restate its earnings over 18 months according to a notification released Sunday by Saudi bourse Tadawul.

Deputy chief executive officer Serkan Okandan will run Mobily's operations.

The company's board of directors decided at their meeting on November 21 to suspend the CEO until the Audit Committee completes its probe and submits its report the bourse notification said.

Mobily was established in 2004 by a consortium led by Etisalat the UAE based telecom conglomerate. (QNA)

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