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Saturday, 13 January 2018

Saudi Binladin Shareholders May Have Settled With Government - Bloomberg

Saudi Binladin Shareholders May Have Settled With Government - Bloomberg:

"Some shareholders of Saudi Arabia’s biggest construction company may have transferred stock to the kingdom to “settle outstanding dues,” but the company remains private, Saudi Binladin Group said in a statement on Saturday.

Bakr Binladin, a scion of the closely-held firm and the half-brother of al-Qaeda founder Osama Bin Laden, has been swept up in a corruption crackdown with other billionaires and princes since November. Some of the detained men have been freed after paying settlements. Saudi authorities have said that they expect to collect as much as $100 billion.

Details of the Binladin settlement weren’t disclosed. The company had revenue of $3 billion in 2016, according to Orbis, a database of company information published by Bureau van Dijk. It had struggled to pay workers that year after slumping oil prices depleted the coffers of the Saudi government, its main client."

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