Saudi Arabia's Capital Market Authority has suspended the local unit of New York-based 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. Three of the oil and gas contractor's executives were sentenced to prison for distorting the company's value.
Bakr Abulkhair, a spokesman for Deloitte & Touche, said on Monday that the decision also includes a financial penalty of 300,000 Saudi riyals ($80,000). The decision, which was issued June 15, can be appealed.
Deloitte says it's not restricted from offering auditing services to companies not regulated by the Capital Market Authority or from extending its other financial services in Saudi Arabia.
By: Associated Press.
Photo: Arabian Business.
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