news.jpg

News

/ News / Article

  • Premium Times

Forbes keeps Saudis off billionaires list after corruption purge


Forbes magazine said on Thursday it was excluding all Saudi Arabian tycoons from its annual list of the world’s richest people after dozens of top businessmen from the oil-rich-kingdom were detained in a crackdown on corruption last year.

Most detainees were released after reaching settlements with the authorities, who say they arranged to seize more than 100 billion dollars in assets through such deals.

But the government has provided few details about who was netted in the sweep, what they were accused of and how much they gave up.

Forbes said earlier in the week that it was “impossible to know definitively who gave how much to whom and when”.

The magazine said it had removed the 10 Saudi billionaires who made the cut last year, including those detained in the crackdown like Prince Alwaleed bin Talal.

Talal is said to be with wealth previously valued at 18.7 billion dollars and Mohammed al-Amoudi, whose treasure stood at 8.1 billion dollars.

“With greater clarity regarding their wealth, some might eventually return to the ranking,” Forbes said.

The magazine’s Middle East edition said in a separate statement on Thursday that the wealth of Saudi billionaires was believed to have increased from 42.1 billion dollars last year.

It was so, due to the rise in oil prices and capital markets globally but would be excluded due to the reported asset seizures.

Alwaleed, who told reporters in an interview hours before his release in January that he did not expect to give up any assets to the government, sued Forbes in 2013, alleging the magazine had under-valued his wealth.


construction-image1.jpg

Subscribe and keep up to date with all the latest news from Oakmark

Subtle Shapes Transparent
WEST AFRICA'S NO.1 ECONOMIC AGENTS

Oakmark Global Vision provides a bespoke business package to established corporate bodies, investors, and entrepreneurs who desire to enter the West & Pan African market. Find out more >

© 2020 Oakmark Global Vision Ltd - All Rights Reserved.

UK Company No. 07634879 / Nigeria Company No. RC 1288232

Regional Office

International Office

1 Kandi Close, Off Aminu Kano

Crescent, Wuse 2, Abuja F.C.T

Nigeria 

+234 -(0)- 929 207 02

+234 (0) 704 497 6500

info@oakmarkglobalvision.com

King Court, 17 School Road

Hall Green, Birmingham

United Kingdom  B28, 8JG

+44 (0) 121 244 1814

+44 (0) 746 625 2505

info@oakmarkglobalvision.com

 Oakmark Global Vision Limited