Sunday, June 9, 2013

Saudi billionaire Prince Alwaleed bin Talal sues Forbes after it says he’s only worth $20bn

Saudi billionaire Prince Alwaleed bin Talal has sued Forbes magazine for libel in a British court, alleging that its valuation of his wealth at 20 billion dollars was short of the mark.

Alwaleed said the valuation was short of the mark by 9.6 billion dollars, Britain’s Guardian newspaper reported on Friday.

The prince, a grandson of Saudi Arabia’s founder and nephew of King Abdullah, had attacked the U.S. magazine’s ranking of world billionaires as flawed and biased against Middle Eastern businesses after he was ranked number 26 in this year’s list.

 An official at the High Court in London confirmed that Prince Alwaleed had filed a defamation suit against Forbes, its editor Randall Lane, and two of its newsmen on April 30.

 Details of the claim were not immediately available.

 Through his Kingdom Holding Company, Prince Alwaleed owns large stakes in Citigroup, News Corp and Apple Inc, among other companies.

 He is also owner or part-owner of luxury hotels including the Plaza in New York, the Savoy in London and the George V in Paris.

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