Deloitte sus­pended

7 Days in Dubai - - GLOBAL NEWS -

Saudi Ara­bia’s Cap­i­tal Mar­ket Au­thor­ity has sus­pended the lo­cal unit of au­dit­ing gi­ant Deloitte from of­fer­ing its au­dit­ing ser­vices to the king­dom’s listed com­pa­nies for two years. The de­ci­sion stems from an in­ves­ti­ga­tion ini­ti­ated by the Cap­i­tal Mar­ket Au­thor­ity into the firm’s for­mer client, the Mo­ham­mad Al Mo­jil Group (MMG). Three of the oil and gas con­trac­tor’s ex­ec­u­tives were sen­tenced to prison be­tween three to five years for dis­tort­ing the com­pany’s value at the time of its 2008 ini­tial public of­fer­ing.

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