Etisalat probe after $7.4mn 'stolen over two years'

INVESTIGATION UNDERWAY: An Etisalat employee has been referred to public prosecution for allegedly embezzling $7.4 million. (ITP Images)

An Etisalat employee accused of attempting to embezzle nearly $7.5 million will be handed over to authorities once an internal investigation is completed.

It is alleged that the employee, a female Emirati national according to UAE daily Gulf News, was able to convert regular payments from the accounts of payrolls into her personal account in local banks, transferring two million dirhams per batch, for more than two years.

The employee, who is in charge of payroll at one of the company's branches, has been referred to the public prosecution, Arabic daily Emarat Alyoum said, citing Etisalat corporate communications manager Ahmed bin Ali.

He told the paper that the company discovered the wrong-doing and formed an internal investigation committee.

He said: "The company has recovered the whole amount, but the internal committee is still investigating the case, and upon completion of the internal investigation, the entire case will be transferred to the judiciary to take legal course."

Company officials said that the discovery of the case confirmed that the company's security procedures had worked.

They stressed that the company was committed to the standards of transparency and financial management.

The employee was caught after her bank noticed that her account had increased dramatically over a short period of time.

They then checked the value of her monthly salary and sent a letter to Etisalat voicing the bank's concerns.

The employee is said to have confessed to her bosses and she was forced to resign, as well as return the full amount.

Etisalat shares fell 2.3 percent on Monday on talk of the probe.

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READERS' COMMENTS

mmm who has been affected
Posted by Zero on Sunday 14 September 2008 at 14:41 UAE time


As the article mentions she was able to "convert regular payments from the accounts of payrolls into her personal account ".

mmm does it mean the money has been stolen from the salaries of Etisalat employees and not Etisalat itself ?

Etisalat rip-off
Posted by Graham Plater, Munich, Germany on Wednesday 10 September 2008 at 12:17 UAE time


Yes, had the employee been male he might have more easily squandered it instead of keeping it in his account so that his bank could blow the whistle on him. Strange that someone with the wits to steal a few millions should then be dumb enough not to run with the loot instead of waiting around to get caught...

Another proof that women are better money handlers
Posted by Mohammad, Dubai on Wednesday 10 September 2008 at 11:05 UAE time


What is really astonishing is that she managed to keep all the money in her account without spending it on properties or stock market or shopping or any other means.
If it was a guy, he would buy a Ferari .. invest some in some lavish property , etc....

very true
Posted by AirMiles, Dubai, UAE on Tuesday 9 September 2008 at 21:56 UAE time

Good to see we all agree. We can all see very clearly there is something rotten, and it seems Dubai is on the receiving end of it all.

Etisalat, in doing what its communications department has asked it to, i.e. "appear positive as we have the money back", has missed the point and only emphasised its position to be laughable. Confidence in the company right now? I can only guess.

It would have been a better plan to congratulate the bank in alerting them as they missed it! At least then they would appear gracious, instead of simply stupid.

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