SoftBank CEO says will carry out ‘responsibility’ to Saudi people

SoftBank Group Corp CEO Masayoshi Son on Monday condemned the killing of Jamal Khashoggi but noted that the Japanese company would maintain ties with Saudi Arabia, Reuters reported.

“It is true that a horrible incident happened. On the other hand, we have a responsibility towards the Saudi people, and we must carry out our responsibility rather than turn our backs on them,” Son said on Monday.

Saudi Arabia’s Public Investment Fund (PIF) is a major backer of Softbank’s Vision Fund, pledging $45 billion in 2016 to the technology investment venture.

Last month, Saudi Crown Prince Mohammed bin Salman said the wealth fund is set to invest an additional $45 billion in Son’s second massive $100 billion Vision Fund.

Son had previously said in September that SoftBank plans to set up a new $100 billion fund every two or three years, aiming to spend $50 billion annually. 

On a separate vein, SoftBank’s founder Masayoshi Son is starting to reap the benefits of his enormous technology investments, backed by the Vision Fund.

Operating profit rose 78 percent to 706 billion yen ($6.2 billion) in the three months ending in September, compared with the estimated 373 billion yen.

SoftBank shares climbed 29 percent year-to-date, but have since given up all gains amid a decline in technology stocks.

Son has been remaking SoftBank from primarily a telecommunications operator into a technology investment firm with his $100 billion Vision Fund. Those investments contributed 393 billion yen to profit in the quarter, more than all the other businesses combined.

“The Vision Fund is showing profits worthy of SoftBank 2.0,” Son said at a briefing in Tokyo. “Next year, I believe we will not only exceed these results, but may even deliver an operating profit on the level that Japan has never experienced before.”