Saturday, 15 June 2013

Let Them Eat Cake! ... Make Sure It Is Halal!




Published on Jun 8, 2013
Saudi prince sues Forbes after it says he's only worth $20 billion.Saudi billionaire Prince Alwaleed bin Talal has sued Forbes magazine for libel in a British court, alleging its valuation of his wealth at $20 billion was short of the mark by $9.6 billion, Britain's Guardian newspaper reported on Friday.

The prince, a grandson of Saudi Arabia's founder and nephew of King Abdullah, had attacked the U.S. magazine's ranking of world billionaires as flawed and biased against Middle Eastern businesses after he was ranked number 26 in this year's list.

An official at the High Court in London confirmed that Prince Alwaleed had filed a defamation suit against Forbes, its editor Randall Lane, and two of its journalists on April 30. Details of the claim were not immediately available.

Through his Kingdom Holding Company , Prince Alwaleed owns large stakes in Citigroup, News Corp and Apple Inc , among other companies. He is also owner or part-owner of luxury hotels including the Plaza in New York, the Savoy in London and the George V in Paris.

This year's Forbes World Billionaires list was published on March 4, and the following day Kingdom Holding said the valuation process used "incorrect data" and "seemed designed to disadvantage Middle Eastern investors and institutions".

The public spat attracted a lot of comment, but Forbes stuck by its estimate of Prince Alwaleed's wealth and published an in-depth article in its March 25 issue entitled "Prince Alwaleed and the curious case of Kingdom Holding stock".



Wikipedia
Reporting of poverty remains a state taboo. 
In December 2011, days after the Arab Spring uprisings, the Saudi interior ministry detained reporter Feros Boqna and two colleagues and held them for almost two weeks for questioning after they uploaded a video on the topic to YouTube.[181][182] 
Statistics on the issue are not available through the UN resources because the Saudi government does not issue poverty figures.[183] 
Observers researching the issue prefer to stay anonymous[184] because of the risk of being arrested. Three journalists: Feras Boqna, Hussam al-Drewesh and Khaled al-Rasheed were detained after posting 10-minute film 'Mal3ob 3alena', or 'We are being cheated'[185] on Saudis living in poverty to YouTube.[186] 
Authors of the video claim that 22% of Saudis are considered to be poor (2009) and 70% of Saudis do not own their houses.[187]

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