Sen. Blumenthal issues subpoena to U.S. subsidiary of PIF

Sen. Richard Blumenthal, D-Conn., intensified his scrutiny of Saudi Arabia’s Public Investment Fund on Wednesday by issuing a subpoena to one of the fund’s U.S. subsidiaries “for documents related to PIF’s takeover of American golf and other investments throughout the United States.”

The subpoena seeks documents from USSA International LLC related to the PIF’s “framework” agreement with the PGA Tour and the fund’s other investments throughout the United States. The subpoena was issued shortly before the Permanent Subcommittee on Investigations, which Blumenthal chairs, was scheduled to hold a second hearing on the potential agreement.

“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,” Blumenthal said in a statement. “That oversight includes this subcommittee’s inquiry.”

Blumenthal had requested PIF governor Yasir Al-Rumayyan and LIV Golf CEO Greg Norman testify at a hearing before the subcommittee in July but both cited scheduling conflicts and didn’t attend. Last month Blumenthal sent another request to the PIF for Al-Rumayyan to testify before the subcommittee but representatives for the governor claimed his “government position prevents him from testifying about his involvement in PIF’s extensive U.S. business investments.”

In July, the Tour’s chief operating officer Ron Price and policy board member Jimmy Dunne testified before the subcommittee, which is seeking information about the framework agreement between the PIF, the Tour and LIV Golf and the potential for a definitive agreement that would create a for-profit entity.

Today’s hearing in Washington D.C., will include testimony from Benjamin Freeman, the director of the Democratizing Foreign Policy Program at the Quincy Institute for Responsible Statecraft; Brian Murphy, the managing director of Logically AI Inc.; and Joey Shea with Human Rights Watch.