Mobily CEO sues company's board of directors: Report

Khalid Al-Kaf, the chief executive of Mobily Saudi Arabia, is said to be suing the company’s board of directors for alleged “accounting errors” filed in financial statements for the third quarter of 2014, according to a report published by Sabq newspaper.

Al-Kaf went ahead and hired lawyers from some of the most well-known firms in Riyadh in order to file the case, unnamed sources familiar with the matter told the newspaper. The sources said they believed he made a rogue decision that will later “discredit" his own reputation.

Mobily recently announced a number of changes to its revenues and net profits posted on earnings for this fiscal year. This wasn't the first time that the company announced revisions to its financial statements. 

The Capital Market Authority said it will go ahead with its investigation into Mobily’s financial issues, the report added.