Mobily’s former execs to pay $328m for committing misleading actions

RIYADH: Saudi telecom operator Etihad Etisalat Co.’s former executives were ordered to jointly pay SR1.23 billion ($328 million) for committing misleading actions.

The Appeal Committee for Resolution of Securities Disputes issued this decision on Aug. 8, on the class action brought by an investor in the firm — also known as Mobily — against five former executives, a bourse filing revealed on Sept. 8.

The ACRSD decision also ordered the former executives to contribute to the payment of SR12,000 for lawyer fees to the main claimant.