Jeremy Wright: Saudi and Government

jeremy wright: Evening Standard and Independent could face inquiry over Saudi funds Read more ESI Media, which operates both titles, responded to the government on Monday, according to The Independent. It did not dispute the government's claim that its investors had close ties to the Saudi state, but said it remained editorially independent. Last week the culture secretary, Jeremy Wright, raised concerns that the investments, made through Cayman Islands companies controlled by a previously unknown Saudi banker, could hide a financial backer with strong links to the Saudi Arabian state . The government also said this sale of 30% stakes in the free London newspaper and its online-only sister title may have an effect on the Evening Standard and the Independent's news agendas . Both outlets are controlled by Evgeny Lebedev, son of the Russian oligarch Alexander Lebedev, while the Evening Standard is edited by the former Conservative chancellor George Osborne. It said there was no justification for the government to investigate the deals, and claimed such action could harm its financial future. We have nothing to fear from an investigation, but regard it as an unnecessary and expensive distraction, which could have a devastating effect on any future investment needed for the wider industry's sustainability and growth. A spokesperson said We have explained why there is no proper legal basis for an investigation into these transactions, which we believe would be counterproductive and detrimental to the health and stability of the UK media landscape. (news.financializer.com). As reported in the news.