BSF signs deal with Saudi desalination giant

Patrice Couvegnes, BSF managing director, with Ali bin Abdulrahman Al-Hazmy, SWCC governor, at the signing ceremony in Riyadh. (AN photo)
Updated 01 April 2017
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BSF signs deal with Saudi desalination giant

RIYADH: State-owned Saline Water Conversion Corporation (SWCC) has awarded a financial advisory mandate to Banque Saudi Fransi (BSF) for two greenfield projects.
Patrice Couvegnes, BSF managing director, said: “The bank is committed to contributing to Saudi Vision 2030 with the objective of developing and delivering high-quality services to the private and government sectors.”
He said that BSF and its subsidiary, Saudi Fransi Capital, has the distinction of being one of the most successful homegrown banks in the Kingdom besides being a leader in offering a wide range of financial and banking services.
The bank has assembled a team of professionals with vast experience in advisory, privatization and financial structuring, Couvegnes said.
“After the announcement of Saudi Vision 2030, SWCC has become one of the first organizations to launch its privatization program,” said a statement issued after the deal was finalized.
“With the Kingdom’s new 2030 vision, BSF’s role as a leading bank and a major financial institution has become more prominent, and the responsibility we carry has increased,” it added.
The Riyadh-based SWCC is the largest desalinating corporation in the world besides being the second-largest power provider in Saudi Arabia. The SWCC, which has over 30 desalination plants and 14 transmission lines across the Kingdom, currently produces about 20 percent of the world’s desalinated water.


Ghosn appeals against Japan bail rejection

Updated 51 min 10 sec ago
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Ghosn appeals against Japan bail rejection

  • The court has previously refused to release Ghosn on the grounds that he could present a flight risk and destroy evidence
  • If the bail appeal is turned down he faces at least a two-month period in pre-trial detention

TOKYO: Lawyers for former Nissan boss Carlos Ghosn on Thursday appealed against a decision by a Tokyo court to refuse him bail, as he faces charges on three counts of financial misconduct.
Since his stunning arrest on November 19 the auto tycoon has languished in a Tokyo detention centre, facing questioning over allegations he under-reported his salary and tried to shift personal losses onto the company.
On January 11 he was formally charged on two of the counts and his request for bail refused again. Even his own lawyer has admitted he is likely to be kept behind bars until a trial -- which could take six months.
The court has previously refused to release the 64-year-old Franco-Lebanese-Brazilian businessman on the grounds that he could present a flight risk and destroy evidence.
The appeal came as the French government called for him to be replaced at the head of Renault, the only one of the three companies he used to head that has retained him.
Japanese firms Nissan and Mitsubishi Motors jettisoned him as boss almost immediately after his arrest, but Renault was more cautious and appointed an interim leader while Ghosn fought the charges.
If the bail appeal is turned down he faces at least a two-month period in pre-trial detention. This can be extended almost automatically by one month at a time.
His wife Carole has appealed to Human Rights Watch over his detention, saying he was being held in "harsh" conditions and subjected to round-the-clock interrogations in an attempt to extract a confession.
Ghosn has been seen only once in public since his detention, in a dramatic court appearance.
He had clearly lost a lot of weight but seemed otherwise in good health. He passionately proclaimed his innocence and his love for Nissan, a company he is widely credited with saving from the brink of bankruptcy.
"I have been wrongly accused and unfairly detained based on meritless and unsubstantiated accusations," Ghosn told a packed courtroom.