Jamie Dimon of JPMorgan is not coming to the big investment conference in Saudi Arabia. US media reports that. Dimon’s maneuver is the next in a growing row of dropouts who first demand clarity about the fate of the missing journalist Jamal Kashoggi in the Saudi embassy in Turkey.
Jamie Dimon is one of the most authoritative bankers on Wall Street. In the fall of the investment banks during the credit crisis, he took a leading role in the recovery with several major acquisitions.
The fact that Dimon does not appear on the international economic forum in Riyadh where the crown prince Mohammed Bin Salam is the host, is a clear signal from the investment banks. Previously, investor Richard Branson (Virgin), Uber and Google pulled out for the “Davos of the Desert”. Investment bank JPMorgan is one of the most important companions of business deals in the world.
Also former Commissioner Neelie Kroes, active as a commissioner at the Saudi investment company NEOM, suspended its activities, explicitly referring to the growing demand to clarify the fate of the missing journalist Kashoggi.
The BBC reported Sunday that US and British ministers Steve Mnuchin (Finance) and Liam Fox (Trade) are considering doing the same.
The Saudi stock market fell by 7% on Sunday due to the unrest that arose at home and abroad about the disappearance of a Saudi journalist in Turkey. US-based Khashoggi, a fierce critic of Saudi leader crown prince Mohammed bin Salam, disappeared early this month after entering the Saudi consulate in Istanbul.
One of the biggest losers on the stock market was the petrochemical giant Saudi Basic Industries, whose shares fell by 7.9%.
US President Trump said Saturday that Saudi Arabia will be severely punished if it turns out that Khashoggi was murdered in the consulate as Turkish authorities are suspecting.
According to the Al-Arabia news channel, a high Saudi official threatened the community with economic countermeasures:
The Saudi economy is influential and any action against the kingdom will result in a greater response.
The spokesman emphasized that Saudi Arabia is not behind the disappearance of Khashoggi. That story is “part of an organized campaign of false allegations”. However, Riyadh has not indicated what could have happened to the journalist.