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Latest News

Etisalat says millions in bonuses were gov’t approved

UAE’s State Audit Institution finds accounting and bonus ‘discrepancies.’

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June 17, 2010 9:04 by



Following recent reports by the UAE’s State Audit Institution, SAI, that Etisalat chairman and board members had paid themselves AED 37.5 million in bonuses last year, the two entities are said to be in “constructive dialogue,” Emirates Business reported Thursday.

Etisalat was noted by the SAI to have evidence of a “string of discrepancies in bonuses and salaries at the firm,” the report added. The two entities are reportedly working together to “harmonize” the different accounting and financial methods used by the two entities.

Etisalat, the country’s largest telecom operator, and majority owned by the UAE government, has defended the bonuses, which the company says were approved by the government.

Discrepancies in methods of accounting, auditing, and reporting, were cited by Etisalat officials in the matter, adding that no similar issues were raised by the company’s two other external auditors, Pricewaterhouse Coopers and Ernst and Young.



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1 Comment

  1. Dismanirie on June 17, 2010 9:25 am

    As if the external auditors would risk losing Etisalat’s business by pointing out the Chairman took too big a bonus!

    Get real; most auditors may raise an issue for discussion, but end up accepting clients’ explanations without written reservation.

     

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