- Title: SoftBank's Son defends Saudi ties as kingdom-backed fund boosts profit
- Date: 5th November 2018
- Summary: TOKYO, JAPAN (NOVEMBER 5, 2018) (REUTERS) ***WARNING CONTAINS FLASH PHOTOGRAPHY*** CEO AND CHAIRMAN OF SOFTBANK GROUP, MASAYOSHI SON, STANDING AT PODIUM DURING EARNING RESULTS NEWS CONFERENCE (SOUNDBITE) (Japanese) CEO AND CHAIRMAN OF SOFTBANK GROUP, MASAYOSHI SON, SAYING: "These funds are important to the Saudi people in ensuring their economy diversifies and is no longer dependent on oil." NEWS CONFERENCE IN PROGRESS (SOUNDBITE) (Japanese) CEO AND CHAIRMAN OF SOFTBANK GROUP, MASAYOSHI SON, SAYING: "It is true that this horrible incident happened. On the other hand, we have a responsibility towards the Saudi people, and we must carry out our responsibility rather than turn our backs on them." VARIOUS OF SON PRESENTING SOFTBANK'S EARNING RESULTS SON TAKING QUESTIONS (SOUNDBITE) (Japanese) CEO AND CHAIRMAN OF SOFTBANK GROUP, MASAYOSHI SON, SAYING: "We received the money from Saudi and invested it before this incident happened. We cannot suddenly throw out our responsibility. For what we have received already, this investment, we have to fulfill our responsibility." REPORTERS TYPING (SOUNDBITE) (Japanese) CEO AND CHAIRMAN OF SOFTBANK GROUP, MASAYOSHI SON, SAYING: "I met with the Crown Prince and other senior politicians. I have directly conveyed our concerns and requested to have a full investigation in this case." SON ENDING NEWS CONFERENCE
- Embargoed: 19th November 2018 11:19
- Keywords: Saudi SoftBank Group Corp Japan Khashoggi Jamal Khashoggi Saudi Arabia Masayoshi Son Softbank oil
- Location: TOKYO, JAPAN
- City: TOKYO, JAPAN
- Country: Japan
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA00195897WN
- Aspect Ratio: 16:9
- Story Text: SoftBank Group Corp CEO Masayoshi Son on Monday (November 5) condemned the killing of a journalist by Saudi security personnel, and said his firm must carry out its responsibility to the kingdom's citizens whose money is invested in its Vision Fund.
Saudi Arabia is the largest investor in the fund which was launched last year with over $90 billion in capital, giving Son firepower to make big bets in late-stage startups such as shared office space provider WeWork Cos and hotel chain OYO hotels.
Global outcry over the murder case, however, has led many observers to regard that dependence as a risk to SoftBank's plans to raise further funds.
Son was presenting SoftBank's earnings results, appearing before reporters for the first time since Jamal Khashoggi, a journalist critical of the Saudi state, was murdered early last month in the Saudi consulate in Istanbul.
SoftBank booked July-September operating profit of 705.7 billion yen ($6.23 billion), helped by higher valuations on high-tech bets by the Saudi-backed Vision Fund. That compared with 395.6 billion yen a year earlier under different accounting standards.
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