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Mon 15 Mar 2010 07:50 PM

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E&Y to stay in Saudi after losing one licence

Number of undisclosed violations led to CMA revoking licence issued in 2006.

E&Y to stay in Saudi after losing one licence
REVOKED LICENSE: Ernst & Young said that it would respect Saudi Arabias decision to revoke its license, but would continue to seek business opportunities in the country. (Getty Images)

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)

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