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 boss apologizes as hot-tempered daughters resign

Updated 22 April 2018
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Korean Air boss apologizes as hot-tempered daughters resign

Seoul: Korean Air Chairman Cho Yang-ho on Sunday apologized for the “immature” behavior of his two daughters and said they would both immediately resign from their company posts following separate controversies.
Cho Hyun-min, the younger daughter who is marketing executive at the South Korean flag carrier, is under police investigation for assault after she was accused of throwing water into a man’s face at a business meeting.
Four years ago her older sister Cho Hyun-ah made global headlines for angrily kicking a cabin crew member off a plane after being served macadamia nuts in a bag rather than a bowl — an incident quickly dubbed “nut rage.”
“As chairman of Korean Air, as well as a father, I feel terrible about the immature actions of my daughters,” Cho said in a statement.
“Everything is my fault and my wrongdoing. I apologize to the people.”
The Korean Air chief added his two daughters will immediately step down from all positions within the company.
Seoul police said last week they were launching a formal investigation into the younger Cho, based on the testimonies of people present at the meeting.
Following the incident, the 34-year-old issued a wide-ranging email apology to “everyone” she had worked with for her behavior, although she has denied throwing water in anyone’s face.
The 2014 “nut rage” incident saw the older Cho, then the firm’s vice president, forcing two flight attendants to kneel and beg for forgiveness on a Seoul-bound flight from New York before ejecting one of them from the plane before takeoff.
The incident was one of the most infamous cases involving offspring of one of South Korea’s mega-wealthy business elite families, whose arrogance and bad behavior regularly make headlines.
The notorious heiress was jailed but had returned to work as an executive of Korean Air’s hotel affiliate in March.