Emirates telecom operator Etisalat says it supports independent investigation into Mobily

DUBAI, United Arab Emirates – Emirates Telecommunication Corporation, known as Etisalat, says it unequivocally supports commissioning a fully independent investigation to determine the causes and the responsibilities for the factors that led to the restatement of Saudi operator Mobily’s financials.

Telecommunications company Etihad Etisalat, known as Mobily on the Saudi stock exchange, saw its shares fall more than 44 per cent since late October after auditing errors forced the Saudi operator to restate 18 months of earnings. Mobily shares closed at just under 49 Saudi riyals on Sunday, or around $13, up from its highest this year of 98.25 riyals ($26.18).

Etisalat owns around 27 per cent of Mobily.

Etisalat said in a statement Monday that it will not absolve any employee until an investigation has been conducted. Mobily’s chief executive was suspended last month until an audit committee submits its report to the board of directors identifying those responsible for the errors in 2013 and the first half of 2014.