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Wed 20 Mar 2019 09:49 AM

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Bin Laden family to take a backseat in restructured Binladin Group

Only two brothers are on the company's new nine-member board

Bin Laden family to take a backseat in restructured Binladin Group
The Istidama stake represents the ownership of three other Bin Laden brothers – Saud, Bakr and Saleh – who were detained last year amidst a kingdom-wide anti-corruption drive.

The influence of the Bin Laden family in Saudi Binladin construction company is set to be curtailed following a restructuring that also saw the resignation of the firm’s chief financial officer, according to a Reuters report.

Citing an internal document, Reuters reported that businessman Khalid Nahas has been named chairman of the newly-established Binladin Group Global Company, which is part owned by a finance ministry subsidiary, Istidama.

Only two Bin Laden brothers, Saad and Abdullah, are on the company’s new nine-member board.

According to Reuters, the Istidama stake represents the ownership of three other Bin Laden brothers – Saud, Bakr and Saleh – who were detained last year amidst a kingdom-wide anti-corruption drive.

New members of the company’s board include individuals with experience at other high-profile Saudi companies such as Saudi Aramco, SABIC and property developer Jabal Omar Development Co.

In December, Finance Minister Mohammed Al-Jadaan said that the firm would have a ‘normal’ board after a committee restructured its governance.

Citing two unnamed sources, Reuters also reported that former Morgan Stanley banker Klaus Froelich resigned following the restructuring. He had been hired in 2016 following the crisis caused by the deadly collapse of a construction crane in Makkah.

Saudi Binladin Group is heavily involved in the kingdom’s infrastructure projects.

The company is unconnected to younger brother Osama Bin Laden, who led Al Qaeda until his death in Pakistan in 2011.

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