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March 31, 2010

Saudi Arabia pulls E&Y consulting licence

The Saudi Arabian Capital Market
Authority (CMA) has revoked the licence of Ernst & Young
Consulting Saudi Arabia [EYCSA] following allegations of several
capital markets law violations.

E&Y, one of the largest firms in the Middle
East and Africa with about 4,200 staff, said in a statement that it
fully respected the CMA’s decision.

“This decision is limited to the services
provided by one of the entities of Ernst & Young in Saudi
Arabia, EYCSA, and does not affect any other E&Y entity in
Saudi Arabia,” E&Y said.

The Big Four firm said the circumstances
leading to that decision are not related to standards or quality of
client service.

“EYCSA was established and subsequently
authorised by the CMA in 2006 to conduct regulated advising and
arranging business in Saudi Arabia,” E&Y added.

“Expected business opportunities in the
regulated advising and arranging marketplace did not emerge for
professional services firms as hoped.”

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