Welcome to GulfBase Live Support
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
As a clarification of the CMA announcement published on its website dated 12/10/2017 concerning the completion of all necessary investigations in these violations by the Public Prosecution, and its f
Mobily’s new Neqaty offer gives subscribers a chance to get 25 percent additional points when collecting or redeeming them at the following stores — Alsannat For Bags-Farm Stores, IZone, Lumar, Magra
Etihad Etisalat (Mobily) has announced that the new generation iPhone 8 and iPhone 8 Plus will be available across all main Mobily outlets starting Saturday.
Customers can also pre-order iPh
Commercial start-up of new cement mills at Arabian Cement Co.’s Rabigh plant has been delayed to 3Q18. The mills had been expected to go into operation in 4Q17 but construction work is still ongoing.
National Bank of Kuwait (NBK) has been named the Best Bank in Kuwait 2017 by the international financial publication Global Finance. The award was presented to George Richani, General Manager – Inter
Riyad Bank, Saudi Arabia's fourth-largest bank by assets, on Wednesday reported a 47.7 percent rise in third-quarter net profit, beating analysts' forecasts as income from investments and fees and co
Saudi Aramco participated as the diamond sponsor in the 5th Water Arabia Conference and Exhibition under the theme “Sustaining water resources through innovative and reliable water and wastewater tre
Four Seasons Hotels and Resorts, the world's leading luxury hospitality company, and Jabal Omar Development Company (JODC), a leading developer in the Middle East, announce plans for a new Four Seas