Saudi market regulator may dissolve Mobily's board: Report

Saudi Arabia’s second-largest mobile operator Mobily is still under the scrutiny of the kingdom’s Capital Market Authority (CMA) for the restatement of its earnings for 2013 and the first half of 2014.

The authority may be forced to dissolve Mobily's management team if they are found responsible for the errors reported in the company's financial statements, according to a report published by Asharq Al-Awsat newspaper.

Mobily’s earnings saw a sharp decline after the restatement of its financial results and its share price also plummeted.

According to Argaam, the company had announced a series of changes to its financial statements reflected in net revenues and profits, which in turn had an impact on its related assets.

Saudi’s market regulator decided to open an investigation into the company’s financial statements during the third quarter of this year.