By Ulf Laessing
Number of undisclosed violations led to CMA revoking licence issued in 2006.
Accounting firm Ernst & Young (E&Y) said it would respect Saudi Arabia's decision to revoke a licence but would continue to seeking business opportunities in the biggest Arab economy and top oil exporter.
On Sunday, the Saudi capital market authority (CMA) said it would revoke an Ernst & Young advisory and transaction arranging licence granted in 2006, for a number of undisclosed violations.
On Monday, Ernst & Young said: "We fully respect the CMA decision...The circumstances leading to that decision are not related to standards of quality of client service."
The firm would continue to offer advisory, assurance, tax and transaction services in the kingdom as the revoked licence related to an entity in the "regulated advising and arranging business".
It said: "It is fair to say that expected business opportunities in the related Advising and Arranging market place did not emerge for professional firms as hoped. Therefore, they did not form a significant part of Ernst & Young's Transaction Advisory business." (Reuters)