12/10/2017 22:03 AST

Saudi Arabia’s market regulator said a lawsuit was filed on Thursday against individuals related to an accounting scandal at telecoms group Mobily.

The public prosecution filed the suit in the Committee for the Resolution of Securities Disputes, which has jurisdiction over the dispute, the Capital Markets Authority (CMA) said on its website.

The CMA did not name the suspects nor say how many were involved.

It said the suspects had earlier been referred on suspicion of violating Article 49 of Saudi Arabia’s Capital Market Law, which relates to creating a false or misleading impression of a company’s value.

The lawsuit follows an investigation launched by the CMA after Mobily restated 27 months of earnings due to accounting errors related to the premature booking of revenue from wholesale broadband leases and mobile promotional campaigns.

The restatements cut 1.76 billion riyals ($469 million) off the profits made during that time by the company, which is partly owned by Abu Dhabi-based Etisalat.

In January, Saudi Arabia’s Committee for the Resolution of Securities Disputes (CRSD) found a number of individuals guilty of providing insider information and of insider trading in Mobily’s shares.

Click here for more


Reuters

Mobily to offer products on Souq.com

21/11/2017

Mobily, a top telecom operator in Saudi Arabia has partnered with UAE-based e-tailer Souq.com, enabling its customers to purchase SIM cards, post paid plans, data packs, SIM top-ups, mobile routers,

Trade Arabia

Mobily selects Ericsson for 5g and IOT network transformation

07/11/2017

Mobily has awarded Ericsson (NASDAQ: ERIC) a modernization contract to upgrade its access network in the western region of Saudi Arabia, deploying the latest features of the Ericsson Radio System. <

Press Release

Mobily to start delivering all new iPhone X

29/10/2017

Saudi-based telecom services operator Mobily said it will start offering iPhone X, the future of the smartphone featuring a revolutionary new design and a stunning all-screen display, from next week.

Trade Arabia

Ticker Price Volume
SABIC 100.91 2,837,584
STC 68.05 146,812
ARNB 24.61 104,008
SAPTCO 14.90 610,231
ALMARAI 55.29 169,404
BURUJ 33.16 457,204
PETRORABIGH 14.71 2,002,908
EEC Sector Market
P/E
Price/BookValue
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
STC 68.05 -0.37 (-0.55%)
ZAIN.TASI 7.49 0.13 (1.76%)
ATHEEB 7.29 -0.03 (-0.41%)
DIB scoops four accolades at Islamic Business and Finance Awards 2017

14/12/2017

Dubai Islamic Bank (DIB), the largest Islamic Bank in the UAE, picked up four major awards at the Islamic Business & Finance Awards 2017, a prestigious industry event that endorses and recognises tho

CPI Financial

NBF retains “Best Islamic Window–UAE” Award

14/12/2017

NBF Islamic has once again taken home the coveted accolade titled “Best Islamic Window–UAE” for the second consecutive time at the Islamic Business & Finance Awards 2017.

Prevailing over f

CPI Financial

FAB inaugurates new HQ after merger

14/12/2017

First Abu Dhabi Bank (FAB) marked the official inauguration of its new headquarters in Abu Dhabi’s Khalifa Business Park at an event attended by senior management.

The new location marks t

Gulfnews

Etisalat signs 15-year lease pact with Gulf Data Hub

14/12/2017

Etisalat signed an exclusive 15-year wholesale lease agreement with Gulf Data Hub to acquire the full capacity of its Tier III data centre to provide data centre services to private enterprises, gove

Gulfnews

Batelco EGM approves key resolutions

14/12/2017

Batelco, an international telecommunications group with operations across 14 countries, today held an extra-ordinary general meeting to discuss proposed changes to Batelco’s Memorandum and Articles o

Trade Arabia