Saudi regulator suspends Deloitte from auditing listed firms

Riyadh

SAUDI Arabia's market regulator has suspended the local unit of accountancy firm Deloitte & Touche from doing auditing work for listed firms in the kingdom from June 1, 2015, according to a circular seen by Reuters.

The Nov 27 circular, from the Capital Market Authority's (CMA) Committee for Resolution of Securities Disputes, said the decision was due to a case involving an unidentified firm and would stay in place until its conclusion. Two market sources said it was about the auditing of Mohammad al-Mojil Group (MMG), the Saudi contractor whose shares have been suspended since July 2012 due to debt problems.