Saudi Prince Sues Forbes Magazine

Saudi Arabia billionaire Prince Alwaleed bin Talal sued Forbes magazine for libel in a British court.

According to the filed case, the Saudi Prince accused that the recent list of World Billionaires of Forbes magazine is incorrect. According to the magazine, Prince Alwaleed bin Talal is on the 26th place worldwide.

Forbes Word Billionaire list was issued on March 4, 2013.

The Saudi prince said that the magazine is short by $9.6 billion, Forbes said that he is worth $20 billion.

Prince Alwaleed bin Talal said that the erroneous data "seemed designed to disadvantage Middle Eastern investors and institutions".

Reports said that the prince's Kingdom Holding Company owns large stakes in Citigroup, News Corp and Apple Inc, to name a few. It is also the part owner of various luxury hotels including the Plaza in New York, the Savoy in London and the George V in Paris.

The magazine's initial defense on its March 25 issue entiteled "Prince Alwaleed and the curious case of Kingdom Holding stock" said that the prince's Kingdom Holding Company is not transparent in detailing its assets, the reason why he was labeled to have worth (only) $20 billion and was put on the 26th place. thoughts?

This is really a little odd seeing a man complaining to have been labeled to worth $20 billion when I am working for years just to make ends meet. Well, maybe were just leaving to different world. Yup, that was it I guess.


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