Saudi billionaire Yuvraj will sell 16.87% of the firm to Sovereign Fund

A Saudi millionaire arrested in a 2017 anti-corruption raid wants to sell 16.87-percent of his company’s shares to a sovereign asset fund run by the state’s Crown Prince, a statement said on Sunday.

Prince Al-Walid bin Talal’s sale of 625 million shares of Kingdom Holding Company, headquartered in Riyadh, is valued at about $ 1.5 billion, according to a regulatory filing published by the Saudi Stock Exchange, or Tadaul.

The company owns the famous George V Hotel in Paris and has a majority stake in The Savvy in London, according to a breakdown of its portfolio on its website.

Al-Walid, once known as Warren Buffett of Saudi Arabia, struggled to regain his political and financial position in the state after being targeted and detained in a crackdown on alleged corruption in 2017.

He was rounded up along with more than 300 other prominent Saudis in an anti-corruption campaign and was held in Riyadh Ritz-Carlton.

Critics say the move was the coup of Crown Prince Mohammed bin Salman, al-Walid’s cousin, who was nominated as heir to the throne just months ago.

In January 2018, al-Walid was released after nearly three months in detention, ruthless but apparently unharmed.

He described the firefight as a misunderstanding that was cleared up, as news spread that he had reached an undisclosed financial settlement with the authorities in exchange for his release.

Crown Prince Mohammed is chairman of the Sovereign Wealth Fund, also known as the Public Investment Fund, which is at the center of Saudi Arabia’s efforts to end it.

On oil

Most recently, Al-Walid has clashed with Tesla and SpaceX CEO Elon Musk over his bid to buy Twitter.

When Musk unveiled his bid in April, al-Walid was among the investors who spoke out against it, saying it did not reflect Twitter’s “intrinsic value … due to the potential for growth.”

But in early May, al-Walid changed his tune, filing a lawsuit stating that he had agreed to contribute about 35 million Twitter shares worth $ 1.9 billion in order to maintain a stake in the company after the acquisition.

The Twitter bid has been blocked due to Mask claiming proof of the number of Twitter spam accounts.

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