Saudi Arabia's Capital Market Authority (CMA) said on its website Monday that it is investigating possible insider trading in the shares of Etihad Etisalat Co. (Mobily), which recently came under fire for its dubious financial statements.
Mobily, the kingdom's second largest telecom operator, said in a bourse statement that it's “fully committed” to cooperating with relevant authorities to maintain the interests of both the company and shareholders.
The company received a letter on Sunday from the CMA that said the regulator plans to launch a probe into the company's financial statements and other relevant documents. The CMA’s investigation will include site visits and hearings.
Preliminary reviews conducted in November by the authority showed that Mobily had violated market laws and listing regulations last year when the company restated its financial results, according to data available on Argaam.
The company recently reported in its audited results that it lost a staggering SAR 913 million in fiscal year 2014, not a small amount as previously announced based on "accounting errors."
As for its preliminary financials, Mobily said it made a net profit of SAR 220 million, compared to SAR 5,937 million in 2013.
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