This country has threatened to imprison any bankers and consultants if they cooperate with a probe investigating a sports merger.
Bankers and Consultants Face Prison Threats for Cooperating with U.S. Senate on Golf Merger Probe, Saudi Arabia Warns
Saudi Arabia has warned bankers and consultants advising its Public Investment Fund (PIF) that they could go to prison if they help a U.S. Senate committee investigating a possible merger between the PGA Tour and LIV Golf.
The PIF has gone to court in Saudi Arabia to stop its advisers from sharing information with the Senate.
Bankers and consultants from McKinsey, Boston Consulting Group (BCG), and Teneo Strategy are hesitant to cooperate, fearing they could face jail time or financial penalties under Saudi law.
They’re trying to fight the PIF’s lawsuit and minimize redactions in their submissions to the Senate.
The proposed merger between the PGA Tour and LIV Golf, backed by the PIF, is being scrutinized for possible violations of antitrust laws. Senator Richard Blumenthal criticized the consultants for not complying with the congressional subpoena. The PIF says it’s trying to provide information within Saudi law.
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