Etisalat employee embezzles millions
Employee managed to steal $7 million from UAE telecoms operator because of ‘flaws in the salary system.’
May 26, 2010 3:18 by Samuel Potter
An employee of the UAE’s largest telecoms operator, Etisalat, has embezzled $7 million, according to 7 Days. The paper quotes a report from Arabic newspaper Emarat Al-Youm.
The theft was revealed in a report by the state audit institution (SAI), and was made possible by flaws in the company’s salary system. Safe guards were not in place, according to the report, and that lead to serious financial risk.
More on GCC
-
Kuwaiti Oil Service Workers On Strike Over Pay – Union
-
Qatar’s Doha Bank May Sell Bonds To Raise Capital – CEO
-
Qatar to announce new energy infrastructure fund
-
Qatar Holding, Italy Fund Eying Versace – Paper
-
Saudi government websites targeted
-
NCoV – First report of patient-to-nurse spread
-
Saudi regulations target stock market speculators
-
Dubai’s Arqaam Capital Eyes South Africa, Saudi Expansion
-
U.S. Targets Two UAE Firms For Dealing With Blacklisted Iran Banks
-
Airbus officially picked by Kuwait Airways
-
GMR reveals top 50 Mena Corporate Brands
-
Kuwait Airways to sign $3 billion-plus Airbus deal
-
Abu Dhabi Tourism Company Loss Widens
-
Emirates Airline reaps expansion profits
-
Saudi Arabia has 13 cases of SARS-like Coronavirus – WHO
-
UAE Central Bank Shuts Two Money Exchange Firms For Violations
-
Emal plans further expansion
-
Dubai looking at alternatives to repay debt
-
Two more die in Saudi Arabia from SARS-like virus – WHO
-
Alwaleed’s Kingdom on the prowl
Lately on Kipp
-
First report by Etisalat covering global footprint
-
Qatar Should Consider More Flexible Exchange Rate – Central Banker
-
Kuwaiti Oil Service Workers On Strike Over Pay – Union
-
Qatar’s Doha Bank May Sell Bonds To Raise Capital – CEO
-
Yahoo on Tumblr: ‘we promise not to screw it up’
-
Sourcefire Delivers Unprecedented Visibility And Tracking Of Malware
2 Comments
Is this a news or headlines to attract? Kipp, your headlines and the tailed story makes no difference here. Both look same. What, how, when, where such areas are untouched in your detailed story.
SS is absolutely right…In addition to that, how can this bypass audits (internal & external)??? 7million a year is 583k a month and that salary belongs to a senior director (who probably quit) but payroll and HR neglected (or uninterntionally forgot) to stop his salary! Case solved my friends!!! I bet Etisalat is asking him to return the funds, he is refusing (and thats why the news is out), and the case is taken public now!