eXtra opens maiden store in Yanbu

Updated 27 May 2012

eXtra opens maiden store in Yanbu

United Electronics Company (eXtra), Saudi Arabia’s leading consumer electronics and home appliance retailer, has announced the opening of its first store in Yanbu, enhancing the company’s presence and bringing its nationwide network to 25 branches.
The 1,500 square-meter store in Yanbu will serve a growing population of 250,000 people living in over 75,000 houses, with each family spending on average SR 3,500 on electronic goods every year.
The total amount spent each year on electronics and home appliances in Yanbu is estimated to be approximately SR 250 million.
“We are delighted to announce the opening of our first store in Yanbu, adding to our network of stores serving customers in the Western Region,” said Mohammad Galal, CEO, United Electronics Company (eXtra).
“Our new opening in Yanbu validates our relentless commitment to reach our clients across the Kingdom, wherever they may be. This is also in line with our expansion goals which aim to see eXtra having 40 branches across Saudi Arabia by 2015. The opening of this branch follows the opening of seven stores last year, as well as one store in Jizan this year, and we have plans to open three more by the end of the current year.”
More than ten million shoppers visit eXtra’s stores annually, making it one of the fastest growing companies in the Kingdom, according to the recent ranking by the Saudi Arabian General Investment Authority (SAGIA).
Offering over 12,000 different products — including an enormous range of leading international brands — eXtra ranks first in terms of the number of stores and products it offers in Saudi Arabia.


Former Wirecard COO Marsalek’s entry into Philippines forged, justice minister says

Updated 04 July 2020

Former Wirecard COO Marsalek’s entry into Philippines forged, justice minister says

  • Immigration officers who inputted the fictitious entries have been relieved of their duties and face administrative sanctions

MANILA: Immigration records showing Wirecard’s former chief operating officer Jan Marsalek arrived in the Philippines on June 23 and departed for China the next day were falsified, Philippines Justice Secretary Menardo Guevarra said on Saturday.
Guevarra said the immigration officers who inputted the fictitious entries have been relieved of their duties and face administrative sanctions.
“The investigation has now turned to persons who made the false entries in the database, their motives and their cohorts,” Guevarra told reporters.
Marsalek, 40, was fired as COO of the German firm on June 18 after auditor EY refused to sign off on Wirecard’s accounts. The company, once one of the hottest fintech companies in Europe, collapsed a week later owing creditors almost $4 billion after disclosing a $2.1 billion hole in its accounts that auditor EY said was the result of a sophisticated global fraud.
The missing money was purportedly held in escrow accounts at two Philippine banks, which have denied any links with the Wirecard.
Guevarra said it was possible Marsalek could be in the country, telling Reuters, “Notwithstanding the Bureau of Immigration report, I do not totally discount the possibility that Marsalek may be in the Philippines.”
“We are an island country, and there are backdoors through which undocumented foreigners may slip through,” he said.
Munich prosecutors obtained arrest warrants against ex-CEO Markus Braun and Marsalek on June 22. Braun turned himself in that day, but Marsalek has disappeared and his mobile number is no longer in service.
Both are suspected of market manipulation, false accounting and fraud, while the circle of suspects has widened to the entire management board of Wirecard.
Marsalek’s lawyer has declined all requests for comment.
Marsalek had oversight of Wirecard’s Asian operations, which are at the center of suspicion by auditors and prosecutors of attempts to falsely inflate cash balances, turnover and profit.
Guevarra said earlier immigration records had shown that Marsalek had been in the Philippines from March 3 to 5.