Etihad Etisalat Company (Mobily) has suspended its Chief Executive Khalid Al Kaf following accounting errors.
A company statement on the Saudi bourse said that Mobily’s board of directors has requested the Audit Committee to identify the causes of the accounting errors and to take all necessary remedial actions.
The Mobily (profile) statement added that for the sake of transparency and in accordance with best practices applied in such circumstances, the board resolved in its meeting held on November 21, 2014 the suspension of the company’s Managing Director and Chief Executive Officer Engineer Khalid Omar Al Kaf with immediate effect.
The board further resolved to assign Mr. Serkan Okandan, Deputy Chief Executive Officer, to run the company.
Etihad Etisalat is Saudi Arabia’s No. 2 telecom operator. It is partly owned by Abu Dhabi-based Emirates Telecommunications Corporation (Etisalat). The company’s revenues in 2013 were SAR 25.45 billion, but these might have to be restated.