Mobily execs under investigation should be blocked from voting in GA meetings, lawyer says

02/06/2015 Argaam

A lawyer representing some of Mobily’s shareholders demanded in a statement that the Capital Market Authority (CMA), Saudi Arabia’s market regulator, block the company’s executives under investigation from voting in the next general assembly meeting.

 

Assem Al-Issa also made the same request to the Saudi ministry of commerce and industry. He pointed out that such a ban should extend to Emirates Telecommunications Corp. (Etisalat), as he claimed that the UAE-based firm was indirectly involved in the accounting errors at Mobily.

 

Mobily’s board has invited shareholders for a general assembly meeting on June 9.

 

Argaam reported last month on the CMA’s referral of a case to public prosecutors involving Mobily executives suspected of insider trading.

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