Al Kaf dismissed from Mobily

Mobily has announced that its Board of Directors convened on February 24, 2015 and resolved, after reviewing the report of the Audit Committee, to discharge Khalid Al Kaf from his positions as managing director and CEO of the company effective immediately, and while reserving the company rights to revert against him. It was reported that Al Kaf submitted his resignation letter to the board on February 21, 2015 following his suspension in November 2014 pending an investigation into accounting errors.

At the time, Mobily announced a restatement of its results that it blamed on accounting errors, wiping out SAR 1.43 billion (US$381 million) of previously reported profits and sending its share price tumbling.

Al Kaf was suspended pending Mobily’s audit committee completing its investigation into the accounting errors.