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Saudi Arabia curbs family influence in Binladin group shake-up
Source: Reuters
BUSINESS NEWS MARCH 18, 2019 / 1:26 PM / UPDATED 3 HOURS AGO
Exclusive: Saudi Arabia curbs family influence in Binladin group shake-up
Stephen Kalin
3 MIN READ
RIYADH (Reuters) - The influence of Saudi Arabia’s Bin Laden family on its eponymous construction business has been curtailed in a restructuring that follows an anti-corruption crackdown by Riyadh, a document seen by Reuters shows.
Saudi businessman Khalid Nahas has been named chairman of the newly-established Binladin Group Global Holding Company, which is 36.22 percent owned by Istidama, a finance ministry subsidiary, and 63.78 percent by Binladin Company for Development and Commercial Investment.
Only two Bin Laden brothers, Saad and Abdullah, are represented on the new nine-person board, the document from the kingdom’s commerce ministry reveals, in a break from the family’s exclusive control over its earlier company, Saudi Binladin Group (SBG).
The stake owned by Istidama reflects the ownership relinquished by brothers Bakr, Saleh and Saad last year after they were arrested in the corruption purge led by Crown Prince Mohammed bin Salman.
-snip-
Exclusive: Saudi Arabia curbs family influence in Binladin group shake-up
Stephen Kalin
3 MIN READ
RIYADH (Reuters) - The influence of Saudi Arabia’s Bin Laden family on its eponymous construction business has been curtailed in a restructuring that follows an anti-corruption crackdown by Riyadh, a document seen by Reuters shows.
Saudi businessman Khalid Nahas has been named chairman of the newly-established Binladin Group Global Holding Company, which is 36.22 percent owned by Istidama, a finance ministry subsidiary, and 63.78 percent by Binladin Company for Development and Commercial Investment.
Only two Bin Laden brothers, Saad and Abdullah, are represented on the new nine-person board, the document from the kingdom’s commerce ministry reveals, in a break from the family’s exclusive control over its earlier company, Saudi Binladin Group (SBG).
The stake owned by Istidama reflects the ownership relinquished by brothers Bakr, Saleh and Saad last year after they were arrested in the corruption purge led by Crown Prince Mohammed bin Salman.
-snip-
Read more: https://www.reuters.com/article/us-saudi-binladin-exclusive/exclusive-saudi-arabia-curbs-family-influence-in-binladin-group-shake-up-idUSKCN1QZ240
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Also from Reuters: Saudi Binladin Group finance chief resigns following restructuring: sources