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Senate subpoenas Saudi’s $700bn sovereign wealth fund over US dealings
Chamber’s investigations committee is targeting the PIF after refusing to voluntarily comply with requests for disclosureStephanie Kirchgaessner in Washington
@skirchy
Wed 13 Sep 2023 16.16 EDT
Saudi Arabia’s $700bn sovereign wealth fund – which has been used as a lever of global influence by Crown Prince Mohammed bin Salman – has been subpoenaed by a powerful Senate committee after it refused to voluntarily comply with information requests about its US dealings.
The subpoena, which was issued by the Senate’s permanent subcommittee on investigations, is targeting the Public Investment Fund’s wholly-owned US subsidiaries in connection to the group’s proposed golf deal and “related investments throughout the United States”.
The PIF is also the majority owner of Newcastle United football club.
The subpoena was announced on Wednesday at a committee hearing led by its chairman, the Democratic senator Richard Blumenthal of Connecticut. On its face, the hearing was meant to focus on Saudi’s controversial proposed golf merger.
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Senate subpoenas Saudi’s $700bn sovereign wealth fund over US dealings
Chamber’s investigations committee is targeting the PIF after it refused to voluntarily comply with requests for disclosure