Etisalat payroll manager embezzles US$7.4 million over two years

An Etisalat manager in the UAE accused of embezzling AED27 million (US$7.4 million) has been placed under investigation and will be brought before the courts.

It is alleged the employee who was in charge of payroll at one of the company’s branches, was able to covert regular payments from the accounts of payrolls into her personal account in local banks, and transferred AED2 million at a time, for more than two years.

Etisalat’s corporate communications manager, Ahmed bin Ali, said the money had been recovered, while the Ministry of Interior stated that the operator was yet to officially lodge a complaint.

Etisalat’s share prices were affected by a fall of 2.29 per cent after news of the embezzlement hit investors.