Saudi prince sues Forbes for undervaluing his wealth

Last Updated: Saturday, June 8, 2013 - 13:35

Zee Media Bureau

London: Saudi Prince Alwaleed bin Talal has reportedly filed a defamation lawsuit against Forbes magazine in UK for undervaluing his wealth estimate and placing him too low on its list of world’s billionaires.

Alwaleed is the nephew of King Abdullah. Ranked at number 26 on the list, the Prince alleged that the US magazine estimated his net worth as USD 20 billion which was short by USD 9.6 billion, as per reports.

The 58-year-old prince also allegedly accused the magazine of being biased against Middle Eastern businesses.

He owns stakes in several companies including News Corp his Kingdom Holding Company and is owner and part-owner of luxury hotels like Plaza in New York, reports claim.

Despite the accusations, Forbes stuck by its claims, as per reports.

First Published: Saturday, June 8, 2013 - 13:35

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