CNBC: Senate subpoenas Saudi Public Investment Fund’s U.S. subsidiary for info on PGA-LIV Golf deal
* A Senate Permanent Subcommittee on Investigations held a second hearing on the deal to merge LIV Golf and PGA Tour.
* Sen. Richard Blumenthal, chairman of the subcommittee, subpoenaed the Saudi Public Investment Fund for information related to the merger and other U.S. investments.
* Holdings by the PIF have grown from around $2.5 billion in 2018 to over $35 billion today, according to the committee.
WASHINGTON — Bipartisan members of a Senate subcommittee on homeland security demanded transparency Wednesday from a Saudi Arabian investment fund at its second hearing on the controversial deal to merge PGA Tour and Saudi-backed LIV Golf.
“Saudi Arabia’s bid to buy professional golf in America is not just one investment in a vacuum,” Sen. Richard Blumenthal, D-Conn., chairman of the Permanent Subcommittee on Investigations, said on Capitol Hill. “It is instead part of a web of growing investments in this country.
They are largely unknown and they are almost entirely without oversight.” Blumenthal announced that he had issued a subpoena on Wednesday to USSA International LLC, the PIF’s wholly-owned U.S. subsidiary, for documents related to the PGA Tour-LIV Golf deal and other U.S. investments.
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WNU Editor: Human rights organizations have been pushing for years to have US authorities investigate Soverign Funds like Saudi Arabia's .... HRW: US must investigate, regulate Saudi Arabia PIF (Middle East Monitor). The problem is that these funds are massive pools of capital that can have a huge impact on a country's economy and investment climate.
Saudi Arabia so happens to be one of the whales when it comes to these type of funds, and "ticking them off" is going to result in a backlash not only from Saudi Arabia, but from other sovereign funds who do not want their dealings made public by a US Senate Subcommittee which I can easily predict will be leaked.
U.S. Senate Subpoenas Saudi Arabia’s $700bn Sovereign Wealth Fund On Its Dealings In The U.S.
Senate subpoenas Saudi’s $700bn sovereign wealth fund over US dealings -- The Guardian
Senator subpoenas Saudis for documents on LIV-PGA Tour deal -- ESPN/AP
Saudi Arabia's PIF representatives ordered to appear before US government over PGA Tour relationship -- SKY Sports
The US Senate is demanding details about the Saudi wealth fund’s golf deal -- Quartz
Senate Subpoenas Saudi Wealth Fund as It Probes PGA-LIV Merger -- Democracy Now