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Friday, June 7, 2013

Saudi Prince sues FORBES for underestimating his wealth by $20 Billion Instead of $30 Billion worth

A Saudi prince is suing Forbes magazine
for libel because it said he was only
worth $20billion in its annual rich list
instead of $30billion.
Prince Alwaleed bin Talal, one of the
world's richest businessmen, claims the
magazine underestimated his wealth by
£9.6billion when it placed him at 26th in
this year's list.
Being listed as worth $29.6billion would
have placed him in the list's top ten.
Alwaleed accused Forbes of 'flawed and
inaccurate, displays bias against Middle
East investors and financial institutions' in
an interview with the Sunday Telegraph
in March.
The prince has now brought libel action
against the magazine's publisher
Randall Lane and two journalists in the
High Court in London, reports the
Guardian.
He will claim that the Rich List caused
serious harm to his reputation and to his
company Kingdom Holdings' finances.
His company Kingdom Holdings controls
investments including stakes in Apple,
Facebook, Twitter and Rupert Murdoch's
News Corp.
His property includes the Savoy Hotel,
the Plaza in New York, the Four Seasons
hotel chain and a stake in the owners of
London's Canary Wharf complex.
Forbes calculated the prince's wealth
based on the value of his known
investments instead of Kingdom's share
price on the Taduwal, the Saudi stock
exchange, it said.
The prince told the Sunday Telegraph: 'I
am not pursuing it because of my
wealth, but because they are accusing
Saudi Arabia of being manipulated
because we have no casinos. This is
unacceptable.'
The libel action is being brought at
London's High Court
A spokesman for Forbes told the
Guardian: 'We're very surprised at
claims that Prince Alwaleed has decided
to sue Forbes, particularly if he has done
so in the United Kingdom, a jurisdiction
that has nothing whatsoever to do with
our recent story which raised questions
about his claims about his wealth.
'The Prince's suit would be precisely the
kind of libel tourism that the UK's
recently-passed libel reform law is
intended to thwart. We would anticipate
that the London high court will agree.
Forbes stands by its story

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