Concurrence has come to the high-stakes world of billionaire-ranking: HRH Prince Al-Waleed Bin Talal bin Abdulaziz al Saud (“Prince Bin Talal”) and Forbes magazine finally struck a settlement.
In 2013, the Saudi Arabian royal had sued the media outlet for defamation. He felt the magazine under-reported his fortune, which, he claimed, had a deleterious effect on his business dealings. Since the melee began, Forbes, for its part, has stuck with the published numbers – until now.
After two years of litigation and negotiations, the two parties reached a detente “on mutually agreeable terms.”
Business Defamation Lawsuit Summary: Prince Bin Talal v. Forbes – In Ten Seconds
Prince Bin Talal’s Kingdom Holding portfolio includes substantial investments including Twitter, Citigroup, Euro Disney and the famous Savoy Hotel. Bluntly stated: the Prince is a very rich man.
But a couple of years back, just how rich was a contested topic between Bin Talal and Forbes magazine. In its annual ranking of the world’s richest people, the financial media outlet reported the Prince’s wealth to be significantly lower than what the Prince’s business team claimed.
According to an article on BusinessInsider.com, Prince Bin Talal’s calculations diverged from those of Forbes because the two parties originally valued Kingdom Holding’s Saudi-listed shares differently. In addition to the disagreement about his billions, according to the lawsuit, the Prince also felt the Forbes’ characterization of his corporation implicated a lack of transparency at Kingdom Holding. So, he filed a business defamation lawsuit, in London.
The two parties litigated for two years, and in the end, settled out of court. According to businessinsider.com, Forbes and Bin Talal reached a rapprochement once the finance magazine reviewed Kingdom Holding’s performance once the Saudi Stock Exchange opened to direct foreign investment. According to the website, Forbes [is] now comfortable with using Kingdom Holding’s market price in valuing that component of his wealth.
At the time of this writing, Forbes lists Prince Bin Talal the 34th wealthiest person in the world, with a net worth at $22.6 billion.
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