By Massoud A. Derhally
Saudi billionaire prince plans to take legal action over US magazine's Rich List
Saudi Arabia’s Prince Alwaleed bin Talal has said he will pursue US magazine Forbes in the courts, following a row over its Rich List last month.
The prince cut his ties with the publisher after it valued his total wealth at US$20bn – US$9.6bn less than his own estimate.
“We will face them firmly and legally,” Alwaleed said when asked by a group of hosts in an three-hour interview on his Rotana entertainment channel on Tuesday night.
“If you go back to the article, [the disagreement] isn’t just related to Forbes - it’s related to Saudi Arabia, the Saudi stock market and trading in the market. They said the market and trading environment was like a casino. We don’t accept his. We took it upon ourselves to defend the kingdom, its reputation, and market trading. Saudi Arabia is a G20 nation; it has a strong and valuable economy. Therefore we don’t accept these accusations and will stand up to them.”
Asked if the disagreement with the magazine was personal, he responded: “No no… US$1bn, US$10bn this has no value to me. It’s of course important but it’s not essential. But the attack on Saudi Arabia’s monetary system and its policies related to the stock market? This is completely rejected.”
What a >>>>
AGREEE........give me my bottle back.......
LoL... the sad/funny part is... regardless of what the prince feels about the Saudi market, the US markets are exactly what the magazine described the Saudi markets as... Unfortunately, I have a belief that all markets are as such and the mega-investors who make a margin off the little guys don't want the little guys to realize it... The reason they call it "fair and open markets" is because unless it was declared as such, I don't think anybody would feel that from their experiences with it.