Kingdom Holding Tumbles After Arrest of Billionaire Chairman - Bloomberg:
"Shares of Kingdom Holding Co. plunged after billionaire Chairman Prince Alwaleed bin Talal was arrested as part of an anti-corruption purge in Saudi Arabia.
The stock fell as much as 9.9 percent, the most since 2014, at the open in Riyadh. The benchmark Tadawul All Share Index lost 1.7 percent at 10:05 a.m. in the Saudi capital.
Acting on orders from a newly established anti-corruption committee, headed by Crown Prince Mohammed bin Salman, police arrested 11 princes, four ministers and dozens of former ministers, the Saudi-owned Al Arabiya television reported. Alwaleed was among those detained, according to a senior Saudi official who spoke on condition of anonymity. The prince, who is valued at $19 billion in Bloomberg Billionaires Index, is a nephew of King Salman."
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