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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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