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

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


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