Saudi Arabia's Mobily suspends CEO amid stock plunge and audit into major accounting errors

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The CEO of telecommunications company Etihad Etisalat, known as Mobily on the Saudi stock exchange, has been suspended after accounting errors forced the company to restate 18 months of earnings.

Etihad Etisalat, which is 28 percent owned the United Arab Emirates' Etisalat, said in a statement posted on the Saudi stock exchange website Sunday that CEO Khalid al-Kaf was suspended effective Nov. 21.

The statement says Deputy CEO Serkan Okandan would run the company's operations until an audit committee submits its report identifying the responsibilities and errors to the board of directors for 2013 and the first half of this year.

The telecommunications company's shares have plunged 30 percent since Oct. 30, closing at around 56 Saudi riyals ($15) a share last week.