Prince Alwaleed’s statement regarding Forbes litigation

Talking Biz News received Tuesday the following statement from a public relations representative of Prince Alwaleed Bin Talal:

Thank you for your interest in the issue regarding HRH Prince Alwaleed Bin Talal and Kingdom Holding Company with Forbes Magazine. The basis for actively pursuing legal action against Forbes is not about ranking on some list or personal wealth, it is about correcting seriously defamatory comments that have been made about HRH Prince Alwaleed as an individual and Kingdom Holding Company, including allegations of manipulation of the share price of Kingdom Holding Company, and vindicating the reputations of HRH Prince Alwaleed and Kingdom Holding Company.

In addition to correcting the seriously defamatory comments that have been made about HRH Prince Alwaleed as an individual and Kingdom Holding Company, the pursuit of legal action is a necessary and appropriate response to the following:

-Forbes’ deliberately insulting and inaccurate description of the business community in Saudi Arabia, and specifically, Forbes’ denigration of the Saudi stock exchange (Tadawul), which is one of the most regulated in the world.

-Forbes’ irrational and deeply flawed valuation methodology, which is ultimately subjective and discriminatory.

-HRH Prince Alwaleed’s responsibility to act on behalf of the shareholders of Kingdom Holding Company.

Here is Forbes’ statement:

We continue to be bemused by Prince Alwaleed’s ego-driven PR stunt.  Forbes still has not been served with any lawsuit.  Our story raises significant questions about his finances, and we would welcome the opportunity to uncover further relevant information during the course of any hypothetical suit.