Shareholders reassured after Saudi prince held in 'anti-corruption swoop'

The company chaired by a detained Saudi billionaire prince is seeking to reassure investors after its stock plunged following his arrest in a purported anti-corruption drive.

Prince Alwaleed bin Talal's Kingdom Holding Co said in a statement today that it has the Saudi government's "vote of confidence" as it pursues its investment strategy and global business operations.

Prince Alwaleed is chairman of the company, which has investments in Twitter, Apple, Lyft, Citigroup and hotel chains like the Four Seasons, Movenpick and Fairmont.

Chief executive Talal al-Maiman has said the company, which manages more than $12.5bn of investments around the world, is focused on its "unwavering responsibilities" to shareholders.

The company, which lost 7.5% in trading on Sunday, made no reference its chairman's arrest.

AP


More in this Section

Ex-Lib Dem leader Nick Clegg lands top role with Facebook

Spain’s government proposes taxes on internet giants

Google’s Staying Ahead reveals appetite of SMEs for online sales

Ryanair signs agreement with Portuguese pilots' union


Breaking Stories

As Karlie Kloss marries Joshua Kushner, here are 8 of her biggest fashion moments

This clever new app can help new parents decide if their baby needs to see a doctor

‘Acne won’t stop me living my life’ – Millie Mackintosh on how she got her skin under control

'Jesus, did I paint them?’; Robert Ballagh reacts to the nude portraits to him and his wife

More From The Irish Examiner