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Latest News

Etisalat employee embezzles millions

Employee managed to steal $7 million from UAE telecoms operator because of ‘flaws in the salary system.’

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May 26, 2010 3:18 by



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.



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2 Comments

  1. SS on May 27, 2010 7:33 am

    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.

     
  2. Yousef on May 27, 2010 8:35 am

    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!

     

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