Saudi Arabia’s Mobily Suspends CEO After Accounting Error - Bloomberg:
"Etihad Etisalat Co., (EEC) the Saudi Arabian phone operator known as Mobily, suspended its chief executive officer after auditing errors prompted a sell-off in its shares that erased about $5 billion from its market value.
The suspension of Khalid Omar Al Kaf took effect from Nov. 21 until the audit committee submits its report to the board, the company said in a statement to the Saudi stock market today. Deputy CEO Serkan Okandan will run the operations as the audit committee identifies responsibilities with regards to mistakes in its financial statement, according to the statement.
Mobily said on Nov. 3 that an error in timing of revenue recognition of a promotional program affected the financial statements for 2013 and the first half of this year. The period ended June 30 was also impacted by mistakes in revenue relating to leasing of its fiber-optic communication network, it said."
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