Blumenthal to Saudi Fund: Investing in the United States Means Being Subject to American Laws & Oversight

[WASHINGTON, DC] – Today, U.S. Senate Permanent Subcommittee on Investigations (PSI) Chairman Richard Blumenthal (D-CT) responded to new claims by representatives of Yasir al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund (PIF), wrongly asserting that Governor al-Rumayyan’s government position prevents him from testifying about his involvement in PIF’s extensive U.S. business investments. In a letter to Governor al-Rumayyann, Blumenthal renewed his request for testimony and documents in connection with an inquiry into PIF’s growing financial interests in the United States. 

Until recently, Governor al-Rumayyan’s representatives have declined the Subcommittee’s invitations to testify based on purported scheduling conflicts.

“PIF is a commercial entity with extensive business dealings in the United States. PIF’s recent dealings with the PGA Tour demonstrate that it intends to be much more than a passive investor in the American enterprises in which it houses its considerable wealth,” Blumenthal wrote.

“PIF cannot have it both ways: if it wants to engage with the United States commercially, it must be subject to United States law and oversight. That oversight includes this Subcommittee’s inquiry.”

In today’s letter, Blumenthal dismissed the legal basis for Governor al-Rumayyan’s refusal to testify or provide information about PIF’s commercial activities in the United States, noting that a similar argument had been rejected by a federal court earlier this year.

Blumenthal also sent separate letters today to McKinsey & Company, Boston Consulting Group, Teneo, and M. Klein & Company. All four entities have reportedly advised Saudi Arabia on PIF’s targeted investments in sports and on the Saudi’s larger strategic vision for PIF’s engagement with the United States.

The text of Blumenthal’s letter to PIF is available here. The text of Blumenthal’s letter to McKinsey is available here, the text of his letter to BCG is available here, the text of his letter to Teneo is available here, and the text of his letter to M. Klein & Company is available here.