The UAE-based Etisalat Group has reinstated its commitment to Etihad Etisalat (Mobily) and the Saudi market, according to Arab News.
The parent also expressed confidence that Mobily would return to a growth path again soon. Etisalat also stressed that the Saudi operator is one of the most successful companies in the region, adding that Mobily has strong foundations and possesses great innovative capabilities and a talented team.
Mobily decided to suspend Managing Director and CEO Khalid Omar Al-Kaf until the audit committee completes its task of reviewing what led to the restatement of the Q3 2014, financial results and submits its report to the board of directors.
Etisalat supports the steps taken by Mobily’s board and audit committee as they seek to identify the causes that led to the restatement.
The parent will also support the Mobily board’s taking corrective action, wherever and whenever appropriate, to avoid this from happening again, said the statement.