Shareholder Spotlight : Blood Money and Bullshit - PIF’s Trail of Rot

I’ve slogged through enough dives and dodgy deals to know when something’s gone rancid, and Saudi Arabia’s Public Investment Fund (PIF), the cash-soaked juggernaut under Crown Prince Mohammed bin Salman (MBS), stinks worse than a dumpster in July. As a lifelong Newcastle United supporter, I’m gutted to write this. I trudged through the Mike Ashley era, season ticket in hand, watching my beloved Magpies starve under his penny-pinching neglect. When PIF swooped in with their billions in 2021, it felt like salvation – St James’ Park roaring again, dreams of glory rekindled. I won’t celebrate publishing this, like when an ex-forward scores against his old club (unless your name happens to be Damien Duff). Emotions detached. PIF isn’t just a sovereign wealth fund; it’s a machine built on extortion, blood, and a knack for dodging accountability. Its scandals read like a rap sheet from hell. From shakedowns to sportswashing, this is PIF laid bare – no sugarcoating, no black-and-white tinted specs, no fucking apologies.

The Ritz-Carlton Heist: Extortion in Gilded Cages

Flash back to 2017, when Riyadh’s Ritz-Carlton became a five-star prison. MBS’s “anti-corruption” purge was no cleanup – it was a shakedown straight out of a gangster flick. Princes, tycoons, anyone who smelled like a rival got rounded up, locked in, and bled for billions. Torture? You’re damn right – leaks spoke of beatings and worse. The haul – assets, cash, whatever they could claw – got pumped into PIF’s coffers, fuelling megaprojects like NEOM, where migrant workers toil in hellish conditions and tribes get bulldozed into oblivion. This wasn’t justice; it was a heist, and PIF was the bagman, stuffing its pockets while the world looked away.

Khashoggi’s Murder: PIF’s Bloody Wings

Jamal Khashoggi dared to call out the regime’s bullshit, and in 2018, he paid with his life. A Saudi hit squad carved him up in Istanbul’s consulate – dismembered, dissolved, gone. Guess who supplied the jets to ferry those butchers? PIF-owned companies. That’s not a sideline; it’s a fucking crime scene. PIF’s fingerprints are all over one of the most brazen assassinations ever, a middle finger to free speech and decency. Khashoggi’s body is still missing, but PIF’s role in enabling the hit is as clear as the Tyne on a good day.

Sportswashing: Newcastle’s Shine, Saudi’s Stain

PIF’s got a playbook for making you forget the blood: splash cash on shiny distractions. Over $700 billion into LIV Golf, Newcastle United, and a parade of sports deals to polish Saudi’s image while Yemen bleeds and dissenters vanish. For Geordies, the takeover was a lifeline after Ashley’s misery – new signings, packed stands, hope. But it’s sportswashing, plain and simple. Every goal at St James’, every roar, is bankrolled by a regime that crushes its own. It’s blood money in black and white stripes, and it leaves a bitter taste, like cheering a 1-0 win knowing the cost.

Kushner’s Payoff: Cash for Favours

PIF’s not just dirty at home; it’s dodgy worldwide. In 2022, they dumped $2 billion into Jared Kushner’s firm, a guy with a track record thinner than a bar towel and fees that screamed “scam.” PIF’s own panel waved red flags, but MBS steamrolled them. Why? Smells like a political favour, a wink to Kushner’s Trump ties. When you toss billions at a bad bet despite your own experts screaming no, it’s not just reckless – it’s corruption, served up with a smirk.

NEOM’s Collapse: $8 Billion in Ashes

Vision 2030 was meant to be Saudi’s golden ticket, but PIF’s flagship, NEOM, is a nightmare. Billions in write-downs – $8 billion and counting – expose a clusterfuck of overruns, delays, and human toll. Communities razed, locals displaced, migrant workers crushed under unsafe conditions. It’s mismanagement on a scale that’d make Ashley blush, with PIF burning cash while oil revenues wobble. The dream’s rotting, and the stench is worse than the Bigg Market on a bad day.

Senate Subpoenas: Secrets and Lost Billions

The US Senate’s sniffing around PIF’s shadowy deals, and they’re not happy. Subpoenas are flying over the PGA-LIV merger and $11 billion lost in SoftBank’s Vision Fund. PIF’s US stock bets hit $20.6 billion in Q2 2025, but their secrecy’s raising hell. They’re dodging scrutiny like a winger past a tired defender, leaving regulators and investors in the dark. When you’re losing billions and stonewalling probes, you’re not just sloppy – you’re hiding something, and it’s not just a bad transfer window.

The Cummins Connection: A Nod to Rot

PIF’s not alone in its ethical swamp. They’ve got a 1.19 percent stake in Cummins Inc. – about 1.64 million shares as of early 2025, trimmed but still telling. Cummins got nailed for rigging engines to cheat emissions tests, poisoning the air for profit. Sound familiar? It’s the same fuck-the-rules vibe PIF thrives on. Emissions scandals keep popping up among Cummins’ clients, and PIF’s investment feels too neat, like picking a teammate who’s just as dirty. Coincidence? Bollocks. It’s a wink between two outfits happy to cash in while the world chokes.

This is PIF unmasked – a fund built on extortion, murder, and distraction, tainting even the joy of a Newcastle win. As a fan, I’ll keep cheering the lads. And even defending the ownership. A hypocrite? Probably guilty. Cognitive dissonance? Absolutely. PIF’s billions fill St James’ with hope, and I can’t begrudge my club that. But they can’t wash away the blood. Next time you hear about their latest splash, don’t buy the hype. It’s just smoke to hide the rot.

Lee Thompson – Founder, The Cummins Accountability Project

Sources

Shareholder Spotlight : Blood Money and Bullshit – PIF’s Trail of Rot