(Bloomberg) — Embracer Group AB’s chief executive says his “values as a Swedish entrepreneur are unwavering” in response to the many questions he has faced as a result of Saudi Arabia’s investment unit taking an 8% stake in the gaming firm.
“I have been asked over the past few days why we are accepting investment from an entity in a non-democratic country,” Lars Wingefors said in a statement late on Friday.
His remarks follow last week’s announcement that the Public Investment Fund’s Savvy Gaming Group is buying nearly 100 million shares in the Swedish company for 10.3 billion kronor ($1.02 billion).
“We need to look ourselves in the mirror, we are a public company and already have many hundreds of institutions from all parts of the world as shareholders,” Wingefors said.
The CEO added that there “is only a handful of players in the world” able to provide sufficient capital over the long term.
And when asked about sustainability, he said the company is “committed to equality, a diverse work environment treats its employees with dignity and cultivating an atmosphere focused on improving the world around us.”
Read More: Saudi Wealth Fund Makes Second $1 Billion Bet on Swedish Gaming
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