Saudi Arabia’s Prince Alwaleed bin Talal has launched a libel action against the business magazine Forbes due to claims it underestimated his fortune by $9.6 billion.
Josh Halliday of The Guardian writes, “Forbes said in a statement in response to the libel action: ‘We’re very surprised at claims that Prince Alwaleed has decided to sue Forbes, particularly if he has done so in the United Kingdom, a jurisdiction that has nothing whatsoever to do with our recent story which raised questions about his claims about his wealth.
“‘The Prince’s suit would be precisely the kind of libel tourism that the UK’s recently-passed libel reform law is intended to thwart. We would anticipate that the London high court will agree. Forbes stands by its story.’
“Legal experts said Alwaleed will have to prove that his reputation in England and Wales suffered ‘serious harm,”if the lawsuit is eventually tried at the high court. He will also have to show that the Forbes publication caused Kingdom Holding serious financial loss.”
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