NEW YORK (Reuters) - JP Morgan & Chase Co (JPM.N) Chief Executive Jamie Dimon and Ford Motor Co (F.N) Chairman Bill Ford canceled plans to attend a Saudi investor conference, the companies said on Sunday, the latest such high-profile announcements after the disappearance of Saudi journalist Jamal Khashoggi.
FILE PHOTO: Jamie Dimon, CEO of JPMorgan Chase, takes part in a panel discussion about investing in Detroit at the Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., April 11, 2018. REUTERS/Brian Snyder/File Photo
The cancellations could add pressure on other U.S. firms like Goldman Sachs Group Inc (GS.N), Mastercard Inc (MA.N) and Bank of America Corp (BAC.N) to reconsider their plans to attend the investor event.
Related Coverage Bahrain minister backs boycott of Uber over Khashoggi case
Neither JP Morgan nor Ford would elaborate on the reasons for the decision not to attend the Future Investment Initiative conference in Riyadh later this month, and did not comment on whether concerns about the disappearance of Khashoggi were a factor.
Khashoggi, a U.S. resident and Washington Post columnist critical of Riyadh’s policies, disappeared on Oct. 2 after entering the Saudi consulate in Istanbul. Turkey believes he was murdered and his body removed. Saudi Arabia has denied that.
The investment summit in Riyadh typically attracts executives from some of the world’s largest companies and media organizations. But it has rapidly become a vehicle for those firms to express their concerns over Khashoggi’s disappearance.
FILE PHOTO: Ford Executive Chairman Bill Ford poses next to a 1965 Ford Mustang GT during the 100 year celebration of the Ford River Rouge Complex in Dearborn, Michigan U.S. September 27, 2018. REUTERS/Rebecca Cook
U.S. President Donald Trump has threatened “severe punishment” if it turns out Khashoggi was killed in the consulate, although he said Washington would be “punishing” itself if it halted military sales to Riyadh.
Major news organizations such as CNN, the Financial Times, the New York Times, CNBC and Bloomberg have pulled out of the conference. The Fox Business Network, the lone Western news outlet still heading to the conference, told Reuters on Sunday it was reviewing that decision.
Uber Technologies Inc Chief Executive Dara Khosrowshahi, Viacom Inc (VIAB.O) CEO Bob Bakish and billionaire Steve Case, one of the founders of AOL, said they were no longer going .
Goldman Sachs, Mastercard and Bank of America did not respond to requests on Sunday on whether they were still attending the event.
Citigroup Inc (C.N) and Credit Suisse Group AG (CSGN.S) declined to comment on Sunday on their plans.
Bill Winters, CEO of Asia, Africa and Middle East-focused bank Standard Chartered Plc (STAN.L) was still planning to go, the company said on Sunday.
The absence of media and technology executives is likely to case a shadow over the three-day event, dubbed “Davos in the Desert.” It has become the biggest show for investors to promote Saudi Crown Prince Mohammed bin Salman’s reform vision.
“Whilst it is disappointing that some speakers and partners have pulled out, we are looking forward to welcoming thousands of speakers, moderators and guests from all over the world to Riyadh,” a Future Investment Initiative representative said last week.
McCainDestroysTrump on October 15th, 2018 at 03:09 UTC »
FORESHADOWED: Remember over 2 months or so ago when Saudia Arabia had a spat with Canada over human rights abuse?
Pepperidge Farms 'members.
BUSINESS INSIDER:(Aug. 24, 2018)The full timeline of Canada and Saudi Arabia's feud over jailed human rights activists
Tweet: Foreign Policy CAN Verified account
milolai on October 15th, 2018 at 01:50 UTC »
good.
now only if the government did this.
tanzaniteflame on October 15th, 2018 at 00:01 UTC »
I'm glad this is happening as it's certainly very well-deserved and a long time in coming.
What baffles me is this was a country founded by conquest and massacre, is among the worst human rights abusers in the world, supports Islamic extremism and terrorism more than anyone else, and massacres civilians in foreign countries without restraint, heavily lobbied for wars against neighbors, and only now that a journalist is killed do important business/government people realize "Hmm, maybe Saudi Arabia doesn't have a very good set of people in power"? Whatever the reason, at least something is happening.