Alwaleed’s investment kingdom reels without its prince:
"When Citigroup was battling to survive the financial crisis, Prince Alwaleed bin Talal was quick to come to the aid of the US bank. As its shares tumbled, the Saudi billionaire publicly backed Vikram Pandit, Citi’s then-chief executive, and raised his stake in the group from 4 per cent to about 5 per cent. His intervention helped cement his reputation as the “Warren Buffett of Arabia”.
Now it is Prince Alwaleed who is engulfed in a crisis following his detention last month as part of Riyadh’s anti-corruption crackdown. But, in his hour of need, nobody has publicly come to his aid as billions of dollars have been wiped off his fortune and the investment firm he founded, Kingdom Holding Company, has been plunged into uncertainty.
KHC has lost nearly a fifth of its value since Prince Alwaleed’s detention, falling to $8.5bn and hitting the tycoon’s net wealth by $2bn to about $16bn, according to Forbes magazine.
"
'via Blog this'
No comments:
Post a Comment