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Branson steps down from role as chairman of Virgin Hyperloop

by on23 October 2018

Can't work with the Saudis 

Richard Branson is quitting as chairman of Virgin Hyperloop One, saying the company, that plans to build a supersonic transport system in the United Arab Emirates and other countries needs a more actively involved leader.

Branson who usually is a pretty enthusiastic chap, lost interest in the plan after the Saudi government carved up journalist Jamal Khashoggi in one of its embassies because it didn't like what he wrote. The case has worried a large number of Western governments which while needing Saudi money, are less keen on the fact that nation acts just like Europena countries did a few hundred years ago, or how the US would like to operate now.

The Financial Times reported last week that Saudi Arabia had terminated a planned deal with Virgin Hyperloop One after Branson halted investment talks with Riyadh over the Jamal Khashoggi affair.

“At this stage in the company’s evolution, I feel it needs a more hands-on chair, who can focus on the business and these opportunities”, the statement quoted Branson as saying.

He said he was rather busy devoting significant time to his philanthropic ventures and the many business within the Virgin Group.

We guess he means he no longer wants to shake hands with people who think a woman is a property and chopping bits off people is an effective justice system.  

Virgin Hyperloop One’s biggest shareholder, Dubai’s DP World, said the company was seeking a new chairman.

Earlier this month Branson said his Virgin Group would suspend discussions with Saudi Arabia’s Public Investment Fund over a planned $1 billion investment in the group’s space ventures, in light of the disappearance of Saudi journalist Jamal Khashoggi who was killed inside the consulate in Istanbul..

Branson also suspended his directorship in two Saudi tourism projects around the Red Sea.



Last modified on 23 October 2018
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