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Friday, 15 November 2019

Saudi's Kingdom Holding says has support from government after chairman detained

Reuters , Sunday 5 Nov 2017
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Saudi Arabian investment firm Kingdom Holding said on Sunday it had the support of the country's government after billionaire chairman Prince Alwaleed bin Talal was detained overnight.

Prince Alwaleed, one of the country's highest profile businessmen, was one of several princes, ministers, and former ministers detained as part of an anti-corruption crackdown, two senior Saudi officials told Reuters on Sunday.

Kingdom Holding's chief executive, listed on its website as Talal Ibrahim al-Maiman, has received the support of the government, and would continue to operate "business as usual", the investment firm said in a stock market statement.

Prince Alwaleed, a nephew of King Salman, and the grandson of Saudi Arabia's founder King Abdulaziz al-Saud, holds stakes in many major international companies including Citigroup, Twitter, ride-hailing firm Lyft and Time Warner.

Earlier, Kingdom Holding reported it swung to a third quarter profit after restating the same year ago period to a loss. 

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