Exclusive: Saudi Arabia curbs family influence in Binladin group shake-up | Reuters:
The influence of Saudi Arabia’s Bin Laden family on its eponymous construction business has been curtailed in a restructuring that follows an anti-corruption crackdown by Riyadh, a document seen by Reuters shows.
Saudi businessman Khalid Nahas has been named chairman of the newly-established Binladin Group Global Holding Company, which is 36.22 percent owned by Istidama, a finance ministry subsidiary, and 63.78 percent by Binladin Company for Development and Commercial Investment.
Only two Bin Laden brothers, Saad and Abdullah, are represented on the new nine-person board, the document from the kingdom’s commerce ministry reveals, in a break from the family’s exclusive control over its earlier company, Saudi Binladin Group (SBG).
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