Thursday, 15 March 2018

Saudi govt expected to take 35 % stake in Saudi Binladin Group - The Peninsula Qatar

Saudi govt expected to take 35 % stake in Saudi Binladin Group - The Peninsula Qatar:

"The Saudi government is expected to take a 35 percent stake in construction giant Saudi Binladin Group (SBG) as part of a financial settlement with state authorities, sources told Reuters on Thursday.

The figure -- previously unknown -- was confirmed by four sources familiar with the matter.

It represents the total stakes of chairman Bakr Binladin and his brothers Saleh and Saad, all of whom were detained in an anti-graft crackdown in November alongside scores of other businessmen, princes and officials, according to some of the sources."



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