Saudi Arabia’s $700 billion sovereign wealth fund, previously wielded as a tool of global influence by Crown Prince Mohammed bin Salman, has been compelled to comply with a subpoena from a formidable Senate committee.

The subpoena was initiated by the Senate’s enduring subcommittee on investigations, targeting the United States-based subsidiaries wholly owned by the Public Investment Fund (PIF).

These requests for information are in connection with the PIF’s proposed golf venture and its “related investments throughout the United States.”

It’s worth noting that the PIF also holds a majority stake in the Newcastle United football club, The Guardian reported.

The announcement of the subpoena occurred during a committee hearing led by its chairman, Democratic Senator Richard Blumenthal of Connecticut.

Although the hearing ostensibly focused on Saudi Arabia’s contentious proposed golf merger, the subpoena added a significant dimension to the proceedings.

Written by staff