Etihad Etisalat removes chief executive as errors wipe $9bn off | The National

Etihad Etisalat removes chief executive as errors wipe $9bn off | The National:



"Etihad Etisalat, the Saudi Arabian phone company that’s lost about US$9 billion of its market value in the four months after the discovery of accounting errors, said its chief executive officer has been discharged.



Khalid Omar Al Kaf’s removal is effective February 24, the Riyadh-based phone operator known as Mobily said in a statement today. The company reserves its “rights to revert against him”, it said, without giving more information. The executive had submitted his resignation on February 21, the company said.



Mr Al Kaf had been suspended since November as the company’s audit committee investigated the errors, which prompted Saudi Arabia’s market regulator to start a probe to determine if Mobily violated rules. The telecoms company reported a fourth-quarter loss of 2.3 billion riyals (Dh2.25bn) after a profit of 2 billion riyals a year earlier."



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