Mubasher TV
Contact Us Advertising   العربية

Mobily gets appeal committee decisions

Mobily gets appeal committee decisions
(Photo credit: Arabianeye - Reuters)

Riyadh – Mubasher: Etihad Etisalat Company (Mobily) said on Monday that it received on 27 November the preliminary decisions issued by the Committee for the Resolution of Securities Disputes.

The committee's decisions are on lawsuits filed by some investors regarding compensation for losses they claimed they suffered as a result of the financial statements approved by the company's board, which were decided in Mobily favor and appealed by some investors, according to a bourse filing.

The appeal committee decided to invalidate the appealed decisions of the resolution committee and resend the cases back to it for further review according to the reasoning in the decisions.

The company stated that the appeal committee noted that reviewing the cases requires examining the responsibility of the company and the people engaged in its management in light of the relevant articles of the Capital Market Law and its implementing regulations.

"In this regard, Mobily provides that the impact of these decisions issued by the Appeal Committee, if any, on Mobily accounts cannot be determined at this stage," the statement said.