RDIF opens first overseas office in Saudi Arabia

CEO of the Russian Direct Investment Fund, Kirill Dmitriev. (Reuters/File)
Updated 09 October 2019

RDIF opens first overseas office in Saudi Arabia

  • RDIF is the first Russian investment institution to open an office in Saudi Arabia

LONDON: The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, has opened its first foreign office in Saudi Arabia. 

It comes amid deepening commercial ties between the two countries, which have already established the Russia-Saudi Investment Fund, the Platform for Russian-Saudi Energy Investment and the $1 billion Russian-Saudi platform for investments in the technology sector.

“RDIF is the first Russian investment institution to open an office in Saudi Arabia,” said Kirill Dmitriev, CEO of the Russian Direct Investment Fund. “This will elevate our partnership to new levels and speaks highly for our mutual trust.”

So far, 25 joint projects have been approved with a total investment of more than $2.5 billion across various sectors of the economy.

RDIF and Saudi Aramco are also considering projects in the oil services sector with a total investment value of over $1billion, as well as in oil and gas conversion projects worth over $2 billion, the Russian fund said in a statement.


South Korea seeks arrest of Samsung heir in succession probe

Updated 04 June 2020

South Korea seeks arrest of Samsung heir in succession probe

  • Jay Y. Lee faces a return to jail just a little over two years after being released from detention

SEOUL: South Korean prosecutors have requested an arrest warrant against Samsung Group heir Jay Y. Lee, they said on Thursday, in the investigation of a controversial 2015 merger and alleged accounting fraud in a suspected bid to aid his succession plans.
The move spells fresh trouble for Lee, who, if arrested, faces a return to jail just a little over two years after being released from detention in February 2018.
Lee already faces trial on a charge of bribery aimed at winning support to succeed ailing group patriarch Lee Kun-hee, and which involved former President Park Geun-hye, and spent a year in detention until the bribery case was suspended in 2018.
Prosecutors said they sought Lee’s arrest on suspicions of stock price manipulation and audit rule violations, among other offenses.
In a statement, Lee’s lawyers expressed “deep regret” at the prosecution’s decision to seek his arrest, adding that he had fully cooperated with the investigation while Samsung was going through management crises.
Prosecutors have been investigating suspected accounting fraud at drug company Samsung Biologics after the Korean financial watchdog complained the firm’s value had been inflated by $3.7 billion in 2015.
Prosecutors contend the violation helped boost the value of its major owner, Cheil Industries, which counted Lee as its top shareholder, and merged with Samsung C&T, a de facto holding firm, Yonhap news agency said.
Samsung requested an outside review of the investigation to weigh the validity of the indictment and the Seoul Central District Prosecutors’ Office is following the necessary procedures, it said in a statement.
Last month, prosecutors questioned Lee, 51, over the latest investigation. He also apologized for a series of controversies around his succession planning.
Lee’s year in detention followed separate charges that he bribed Park to win government support for the 2015 merger which helped tighten his control of South Korea’s top conglomerate.