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Ernst & Young Subsidiary License Revoked

Saudi Arabia : 16 March 2010

It has just been announced that yesterday Saudi Arabia’s Capital Markets Authority had reason to revoke a Securities Business License for a company known as Ernst & Young Consulting, Saudi Arabia (EYCSA) which is a subsidiary of Ernst & Young, Saudi Arabia.

The company issued a statement saying it agreed fully with the CMA’s findings and that it was unfortunate that this incident had occurred but that it was largely due to matters outside their control. They also stated that this incident was an issue with the subsidiary company and had no bearing or reflection on the overall integrity and reputation of the main Ernst & Young Company in Saudi Arabia.

The CMA said they had revoked this SBL License because of several violations of Saudi law. Ernst and Young went on to defend their position by saying in 2005 it became known to them that certain of their existing transaction advisory services came under the new laws implemented by the CMA so to counteract this they took the route of establishing a separate entity known as Ernst & Young Consulting, Saudi Arabia (EYCSA) to provide Business Advisory and Arrangement services in Saudi Arabia.

Ernst and Young went on to say that this decision by the CMA will not impact on any of their other business services and will not cause any inconvenience to their customers.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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