PIF responds to Senate Committee inquiry on Foreign influence, emphasising economic impact in the U.S

It was reported on Wednesday, February 7 by Yahoo Finance that Saudi Arabia is threatening to put the bankers and consultants in prison should they cooperate with a probe by U.S. lawmakers regarding the merger between the PGA Tour and PIF. But the PIF has denied those claims, stating that they have in fact been working with and will continue to work with the Senate in their probe into the merger.

According to a statement provided by the PIF, they have been working with the Senate in "good faith" and in a manner that's consistent with their status and obligations as a Saudi Arabian instrumentality.

They state that they have made and are continuing to make "significant efforts" to get the Senate the requested information from their advisors consistent with Saudi Arabian laws.

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PIF responds to Senate on merger with PGA Tour

The PIF's statement continued, highlighting that they have facilitated production on "thousands of substantive pages of presentations, correspondence and final deliverables" with regards to their investments and their work on PIF's behalf:

"We are engaged in extensive and rapid document reviews and will continue working constructively and with integrity with the Subcommittee with relevant information that can legally be disclosed under the laws of Saudi Arabia."

They did mention that the Senate Subcomittee's requests were "sweeping and unpredecented" as they were "seeking to compel the production of confidential and classified information of a foreign sovereign instrumentality."

The PIF is working with the Senate on the merger

The instrumentality said:

"We hope to work with the Subcommittee to resolve these issues."

The PIF personnel are confident that their support for "innovative and transformative companies" will continue to promote economic opportunities and create more jobs in the United States, as well as the rest of the world.

According to the statement, PIF has invested over $79 billion in the U.S. economy to date. That investment is expected to grow rather significantly by 2030. Estimates show that this would create approximately 550,000 new jobs in the United States.

PIF acts on its own in carrying out any investment activities. They believe themselves to be long-term investors and catalysts of change and are invested in the projects and companies that will "create new opportunities for investment and employment", and make changes for the future.