Saudi regulators tighten their grip ahead of opening to foreign investment | The National:
"When Saudi Cable said last month it was delaying the release of its 2014 earnings statement because it was still compiling information required by an external auditor, it was a sign of growing regulatory pressure on companies in the kingdom.
Regulators are signalling they want companies to tighten governance and strengthen internal controls as the $500 billion Saudi stock market prepares to open to direct foreign investment in the next few months.
The process has become more urgent since an accounting scandal at the telecoms company Mobily, which in February revised its 2014 earnings to a loss of $243 million from the $58.6m profit previously claimed."
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