Saudi Arabia’s PIF working with Klein and Evercore on strategy

The Saudi Public Investment Fund will work with former Citigroup banker Michael Klein and Evercore Bank in all aspects of the PIF investment strategy and financial planning. (Courtesy Saudi PIF)
Updated 10 November 2017
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Saudi Arabia’s PIF working with Klein and Evercore on strategy

RIYADH: The Saudi Public Investment Fund (PIF) will work with former Citigroup banker Michael Klein and Evercore Bank in all aspects of the PIF investment strategy and financial planning, informed sources said.
According to Bloomberg news, Klein is advising the PIF on its strategic partnerships with international companies by working closely with the fund’s chief executive, Yasser Al-Rumayan, the sources said. Evercore is providing advice on strategy and funding options.
The roles of both Citigroup and Evercore will help to support the economic transformation of the Kingdom and Vision 2030. Both are working on the initial public offering (IPO) of the giant oil company Aramco.
Klein is providing strategic advice to the government regarding Aramco’s IPO, while Evercore serves as a public offering financial adviser.
Klein has extensive experience in mergers and acquisitions. He has played an important role in providing advice on many of the huge deals executed in the last few years.


Korean Air headquarters raided in probe into ‘nut rage’ sister

Updated 29 min 23 sec ago
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Korean Air headquarters raided in probe into ‘nut rage’ sister

SEOUL: South Korean police raided Korean Air Lines headquarters in Seoul on Thursday as part of a probe into the youngest daughter of the airline’s chairman, Yonhap News Agency said.
Cho Hyun-min, a senior vice president at the airline, is under investigation by police for possible assault after testimony that she “sprayed a drink toward them” during a business meeting.
Korean Air Lines shares fell as much as 4.1 percent while budget airline affiliate Jin Air, where Cho is an executive vice president, dropped 5.3 percent.
A Korean Air spokesman confirmed the raid, but did not elaborate on the reason. A police official declined to comment.
Cho, who is also known as Emily Cho, has apologized for her behavior, but says she “pushed” a cup of water and did not throw it at anyone’s face as media have reported.
Her older sister Heather Cho made headlines over a notorious “nut rage” incident in 2014, when she lost her temper over the way she was served nuts in first class and ordered the Korean Air plane to return to its gate at a New York airport.
South Korea’s customs agency is also looking into accusations that Cho and other family members did not pay customs duties on luxury goods brought into the country, the agency said on Wednesday.