Global banks must disclose finances from April 1, says report

Updated 23 March 2016
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Global banks must disclose finances from April 1, says report

RIYADH: The Capital Markets Authority (CMA) will require all foreign financial institutions operating in the Kingdom to publish their balance sheets including the pay of their executives on their websites from April 1, 2016, according to Bloomberg Business on Monday.
The news site stated that this information was received in an e-mail from an official at the CMA in response to questions sent to the authority. It said that foreign banks and investment banking and securities arms of local lenders must disclose senior executives’ pay and significant risk factors, quoting two sources who asked not to be identified.
The sources stated that the disclosure is required because further insight is needed into how much money banks are making amid a slowdown in economic growth, as well as the cost of employing top bankers.
Commenting on this news, Abdullah Al-Maghlooth, a prominent businessman based in Riyadh, told Arab News that so far nothing official was announced by the CMA in this regards.
However, if the news was true this would bring greater transparency to the finance sector, which would create trust and ensure a healthier economy. The availability of such information would boost individual and business confidence in the Saudi economy, he said.
Bloomberg stated that the only banks that need to disclose financial statements now are the 12 publicly traded domestic lenders regulated by the Saudi Arabian Monetary Authority.
The country is one of HSBC Holding Plc’s 19 priority growth markets, while Deutsche Bank AG said it posted its best-ever performance in Saudi Arabia last year. United banks such as JPMorgan Chase & Co. and Goldman Sachs Group Inc. also have a presence in the country, the world’s largest oil exporter, the biggest Arab economy, and home to the region’s largest stock market.


US denies ‘final conclusion’ reached on Khashoggi case

Updated 18 November 2018
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US denies ‘final conclusion’ reached on Khashoggi case

  • A US newspaper published what it claimed were details of an intelligence report on the case
  • ‘The State Department will continue to seek all relevant facts’

JEDDAH: The US government denied on Saturday it had reached a final conclusion over the killing of Jamal Khashoggi after a US newspaper published what it claimed were details of an intelligence report on the case. 
“Recent reports indicating that the US government has made a final conclusion are inaccurate,” State Department spokeswoman Heather Nauert said.
“There remain numerous unanswered questions with respect to the murder of Mr. Khashoggi. The State Department will continue to seek all relevant facts,” she said.
“In the meantime, we will continue to consult Congress, and work with other nations to hold accountable those involved in the killing of Jamal Khashoggi.”

But President Donald Trump told reporters on Saturday that his administration would get “a very full report,” including who was responsible for Khashoggi’s death, on Monday or Tuesday.
The Washington Post published an article citing anonymous sources, who it says are close to the CIA which suggests the Crown Prince Mohammad bin Salman ordered the killing — something Saudi Arabia vehemently denies.
The Kingdom’s public prosecutor on Thursday released details of its investigation, saying the decision to kill the journalist was made by the head of a rogue mission during an attempt to repatriate him. The prosecutor is seeking the death penalty for five of the suspects. 
On Saturday, Donald Trump spoke with CIA Director Gina Haspel and Secretary of State Mike Pompeo from Air Force One, press secretary Sarah Huckabee Sanders said. 
Trump praised US relations with Saudi Arabia when he was asked about the case. Saudi Arabia is “a truly spectacular ally in terms of jobs and economic development,” the US president said.
Earlier, Saudi Arabia’s ambassador to the US Prince Khalid bin Salman, strongly denied the Washington Post story, and said he did not tell Khashoggi to go to Turkey, as the report claimed. 
“I never talked to him by phone and certainly never suggested he go to Turkey for any reason. I ask the US government to release any information regarding this claim,” Prince Khalid said
Khashoggi, a Saudi who lived in the United States, was a columnist for the Post.
He was killed on Oct. 2 at the Saudi Consulate in Istanbul after he went to get marriage documents.