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Saudi Banks to meet on Mobily debt after accounting faults
(MENAFN) Etihad Etisalat Co. creditors are meeting to discuss the properties of the company's accounting error on USD2.7 billion of finances, reported by Gulf times.
Seven local banks held a meeting together, the group stated, since the meeting was private they prefer not to be identified.
The creditors were discussing if the loan agreement was broke by the accounting errors, two members said. Mobily did not respond to any calls or e-mails pursuing comment.
Mobily stated a USD611 million loss for the last quarter after a USD531 million profit last year. Shares have dropped 56 percent in the past 12 months.
Seven local banks held a meeting together, the group stated, since the meeting was private they prefer not to be identified.
The creditors were discussing if the loan agreement was broke by the accounting errors, two members said. Mobily did not respond to any calls or e-mails pursuing comment.
Mobily stated a USD611 million loss for the last quarter after a USD531 million profit last year. Shares have dropped 56 percent in the past 12 months.
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