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The announcement came ahead of Wednesday's
hearing by the U.S. Senate Permanent Subcommittee on
Investigations (PSI), which is expected to focus on PIF's
investments and efforts to gain influence in the United States.
"The Saudi's Public Investment Fund cannot have it both ways -
if it wants to engage with the United States commercially, it
must be subject to United States law and oversight," Senator
Richard Blumenthal, chair of the PSI, said.
"That oversight includes this Subcommittee's inquiry."
According to the news release, a review of PIF's public filings
show its public U.S. holdings have increased to more than $35
billion compared with approximately $2.5 billion in 2018.
Earlier this year Blumenthal had requested Greg Norman, CEO of
LIV Golf, and Yasir al-Rumayyan, governor of the PIF which backs
LIV, to testify before a U.S. Senate panel in July but both
declined, citing scheduling conflicts.
At that hearing, Blumenthal tore into what he called the
"repressive" Saudi regime and called the PGA Tour's framework
agreement with the country an attempt by Saudi Arabia's
government to "buy influence" in U.S. sports.
The PGA Tour's surprise agreement with the PIF has raised
concerns in Washington from lawmakers who are mistrustful of the
kingdom and critical of its human rights record. They have vowed
to scrutinize the deal.
Critics accuse LIV Golf of being a "sportswashing" vehicle for
Saudi Arabia to improve its image as it faces persistent
criticism of its human rights record, including the 2018 murder
of Washington Post journalist Jamal Khashoggi, as well as its
record on women's rights and gay rights.
(Reporting by Frank Pingue in Toronto; Editing by David Holmes)
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