Alwaleed bin Talal billionaire Saudi Arabia prince is suing Forbes for undervaluing hs fortune by $ 10 Billion.
Billionaire Prince Alwaleed believes he is the target of discrimination. He said in an interview last month, “They are accusing me of market manipulation. I am not pursuing it because of my wealth, but because they are accusing Saudi Arabia of being manipulated because we have no casinos. This is unacceptable.”
This seems a tough case to win for the Prince, especially because much of his vast wealth is spread through a myriad of investments across the world, and Forbes would basically have to go on his word about how wealthy he is, and this is their best estimation with the information available.
Unfortunately for Forbes, Alwaleed is suing in England, where there is no first amendment, and it’s laughably easy to win a defamation or libel case against anyone. The Saudis have been especially litigious when it comes to things written about them, even if the publication is based in the United States (Forbes also publishes an edition in England. Whoops!).
Billionaire Prince owns large stakes in Apple, Twitter and News Corporation and also owns lucrative properties like the Savoy Hotel in London.
Factbox: Prince Alwaleed
• Family: Grandson of founder and first ruler of Saudi Arabia, King Abdulaziz Alsaud
• Born: Riyadh, 1955
• Assets: stake in global financial group. Owns George V hotel in Paris, New York Plaza and London’s Savoy
• Other investments: stakes in News Corp, Time Warner, Disney and Apple. Portfolio includes Saks Inc, parent of upmarket US department store
Forbes claims it has been the target of “intermittent lobbying, cajoling and threatening” by advisers to Alwaleed who were trying to raise his ranking on the wealthiest billionaires list.
Alwaleed believes he is the target of discrimination. He said in an interview last month, “They are accusing me of market manipulation. I am not pursuing it because of my wealth, but because they are accusing Saudi Arabia of being manipulated because we have no casinos. This is unacceptable.”
Forbes believes that recent libel reforms in the UK will protect it from the Saudi’s “libel tourism” and that the Prince’s lawyers will have to prove in court that his reputation and investments suffered from “serious harm.”