Mobily says lawsuit concerns former executives, not the company

Etihad Etisalat Co. (Mobily) said that the procedures taken by the Capital Market Authority (CMA) and the Public Prosecution concern individuals from the former executive management of the company, and is not against the company itself, the telecom operator said in a bourse statement.

Mobily, therefore, does not expect any negative financial impact as a result of such procedures.

The company added that it has already taken the necessary measures to prosecute a number of its former management to preserve its rights.

The clarification follows the CMA’s announcement on Thursday that the public prosecution has completed investigations into suspected violations and insider trading at Mobily and has filed lawsuit against the individuals involved.