Mobily probe details will be publicized, says Saudi regulator

05/03/2015 Argaam

 

Saudi Arabia’s Capital Market Authority (CMA) said its decision to lift the trading halt placed on the shares of Etihad Etisalat Company (Mobily) does not mean that the regulator has ceased its investigations into the company’s financial practices.

 

The market regulator’s investigations are still ongoing, and the outcome will be announced publicly without hesitation, Asharq Al-Awsat newspaper reported.

   

The CMA assigned its own independent audit team last week to review Mobily’s financial statements, according to data compiled by Argaam.

 

On Monday this week, the regulator posted on its website that it suspected insider trading in the shares of the company. 

 

The regulator said on Wednesday that it would allow Mobily to resume trading on today after the company disclosed some of the reasons behind its financial troubles. The telecom operator’s shares had been halted from trading for about a week. 

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