Saudi telco Mobily sacks CEO Khalid al-Kaf after accounting probe

DUBAI: Saudi Arabia’s Etihad Etisalat (Mobily) has sacked its chief executive Khalid al-Kaf, who had been suspended since November pending an investigation into accounting practices at the telecom operator, it said on Wednesday.

Kaf had been suspended on Nov. 23 after the company restated 18 months of earnings due to what it said was an accounting error.

The kingdom’s No.2 operator said Kaf had offered to resign on Feb. 21.

Mobily said in a separate statement that it would not pay a dividend for the fourth quarter of 2014, for which it reported a loss of 2.28 billion riyals ($607.94 million). It is the second quarter in succession in which it has not paid a dividend.