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Embracer CEO Says Swedish Values ‘Unwavering’ After Saudi Stake

The Embracer Group website.

The Embracer Group website.

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).