Saudi Prince Al-Waleed 'puts two luxury Lebanese hotels up for sale'

Young journalists club

News ID: 15757
Asia » Asia
Publish Date: 18:48 - 14 November 2017
TEHRAN, November 14 - Saudi Arabian prince and billionaire Al-Waleed bin Talal has reportedly put two luxury hotels in Lebanon up for sale after being detained in his country during a corruption sweep.

TEHRAN, November 14 - Saudi Prince Al-Waleed 'puts two luxury Lebanese hotels up for sale'TEHRAN, Young Journalists Club (YJC) - Al-Waleed - one of the richest men in the world - was among dozens of princes and former ministers to be arrested in Saudi Arabia hours after an anti-corruption commission was created last week.

Now it is being reported that he is trying to sell the Four Seasons and Movenpick hotels in Beirut.

The Lebanese Daily Star newspaper wrote that a bank in the country was performing due diligence on the assets in a bid to find buyers.

A source told the paper: 'The bank is supposed to complete due diligence in one month or less. Once due diligence is completed, the results will be announced to the public'.

Last week it was also revealed that Al-Waleed had sold his five per cent stake in the Rupert Murdoch-dominated media company 21st Century Fox.

The assets are part of the Kingdom Holding Co, which is owned by the prince.

Officials in Saudi Arabia have frozen the bank accounts of 11 princes and 38 former government ministers, deputies and businessmen in an anti-corruption sweep.

The Saudi information ministry previously stated the government would seize any asset or property related to the alleged corruption, meaning the Savoy hotel could well become the state property of Saudi Arabia.

'The accounts and balances of those detained will be revealed and frozen,' a spokesman for Saudi Arabia's information ministry said.

'Any asset or property related to these cases of corruption will be registered as state property.'

Those detained were being held in five-star hotels across the capital, Riyadh, in the anti-corruption sweep.

Source: Dailymail 

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