Mobily CEO suspended following auditing errors

Mobily CEO suspended following auditing errors

Saudi Arabian operator Mobily has suspended CEO Khalid Omar Al Kaftook, after an auditing error led the company to restate 18 months of previously-announced earnings.

The company issued restated accounts, which it blamed on accounting errors, that wiped out $381 million of previously reported profit and sent its share price tumbling.

Al Kaftook will be suspended until an audit committee completes an investigation in to the errors, with deputy CEO Serkan Okandan assuming control in the meantime.

Al Kaftook has acted as CEO of Mobily since 2005, joining the company from Etisalat, which owns 27.5 % of Mobily. Etisalat has also called for an independent investigation in to the errors.

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