Saudi Purge Claims Its Latest Corporate Victim As Kingdom Holdings Sees $1.3 Billion Bank Deal Collapse

For the past couple of weeks we’ve written frequently about the sudden political turmoil in Saudi Arabia that resulted in two Saudi princes being killed in a span of just 24 hours and dozens others being detained on charges of corruption while having their bank accounts frozen. Here are couple of our most recent background posts on the topic:
The Saudi Purge: The Middle-East Is On The Verge Of A New War If The Saudi Arabia Situation Doesn’t Worry You, You’re Not Paying Attention Now, per an exclusive report from Reuters, it appears as though the latest casualty of the Saudi shakeup is a financing deal sought by the $8 billion dollar Kingdom Holdings which is owned and run by Prince Alwaleed bin Talal…at least until he was recently arrested that is.
Kingdom Holding’s plan to borrow money to fund new investments has stalled because owner Prince Alwaleed bin Talal has been detained in Saudi Arabia’s anti-corruption crackdown, according to four banking sources familiar with the matter. Kingdom 4280. SE had approached banks to obtain the loan, but the financing plan has been held up because the lenders are worried about potential repercussions if they lend to the prince’s company, the sources said.
One of the sources, who was approached for the loan, said it would have been worth roughly 5 billion riyals ($1.3 billion).

This post was published at Zero Hedge on Nov 20, 2017.

Leave a Reply

Your email address will not be published. Required fields are marked *

*