KSA regulator refers Mobily scandal suspects to authorities

The referrals followed an investigation by the CMA
Authorities, CMA, KSA regulator, Mobily scandal, Suspects

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Saudi Arabia's market regulator, the Capital Market Authority (CMA), has referred a number of suspects from the Mobily financial scandal to the Bureau of Investigation and Public Prosecution.

The referrals followed an investigation by the CMA after Mobily was forced to restate 27 months of earnings due to accounting errors, Reuters reported.

The restatements cut 1.76 billion riyals ($469 million) off the profits made during that time by the company, part-owned by Abu Dhabi-based Etisalat and formally known as Etihad Etisalat, the report added.

The errors related to the premature booking of revenue.

Read the full report here.

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