Saudi Prince Alwaleed bin Talal sues Forbes magazine for libel over wealth claim

PUBLISHED : Saturday, 08 June, 2013, 12:00am
UPDATED : Saturday, 08 June, 2013, 3:00am

Saudi billionaire Prince Alwaleed bin Talal is suing Forbes magazine for libel in a British court, alleging its valuation of his wealth at US$20 billion is short of the mark by US$9.6 billion, Britain's The Guardian newspaper reported yesterday.

The prince, a grandson of Saudi Arabia's founder and nephew of King Abdullah, had attacked the US magazine's ranking of world billionaires as flawed and biased against Middle Eastern businesses after he was ranked No26 in this year's list.

An official at the High Court in London confirmed that the prince had filed a defamation suit against Forbes, its editor Randall Lane, and two of its journalists on April 30. Details of the claim were not immediately available.

Through his Kingdom Holding Company, Alwaleed owns large stakes in Citigroup, News Corp and Apple, 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.

This year's Forbes World Billionaires list was published on March 4, and the following day Kingdom Holding said the valuation process used "incorrect data" and "seemed designed to disadvantage Middle Eastern investors and institutions".

The public spat attracted a lot of comment, but Forbes stuck by its estimate of Alwaleed's wealth and published an in-depth article in its March 25 issue entitled "Prince Alwaleed and the curious case of Kingdom Holding stock".

The article gave details about how Forbes had arrived at the figure of US$20 billion and criticised what it described as a lack of transparency by Kingdom Holding in detailing its assets.

The article also described Alwaleed's marble-filled, 420-room Riyadh palace, his private Boeing 747 equipped with a throne, and his 48.5-hectare resort on the edge of the Saudi capital with five homes, five artificial lakes and a mini-Grand Canyon.

No date has been set for a court hearing in the case.