Mobily’s CEO, Khaled al-Kaf, suspended, his deputy Serkan Okandan is acting CEO

Khaled al-Kaf, the chief executive officer of Etihad Etisalat (Mobily), the second-biggest mobile phone company in Saudi Arabia, has been suspended effective Nov 21, 2014 until the company’s Audit Committee completes its investigations on irregularities regarding its financial results, Mobily said in a statement to the Saudi bourse, Tadawul.

Serkan Okandan, deputy chief executive officer, was appointed as acting CEO, confirming reports circulated earlier this month about the change.

 The Saudi Capital Market Authority has started investigating allegedly irregularities committed by Mobily, whose 3rd quarter results came out later and lower than expected.

Mobily, an affiliate of the United Arab Emirates’ Etisalat, has formed an auditing committee to investigate the discrepancy in its results.