Saudi Firms Backed by Billionaires in Probe Have $2 Billion Debt
- Kingdom, Al Tayyar drop as corruption purge roils Saudi stocks
- Regulator said to ask banks to freeze accounts of individuals
StanChart's Maratheftis Says Saudi Arabia Is Changing
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Three Saudi companies, whose billionaire backers are caught up in an anti-corruption crackdown, have at least $2.1 billion of debt maturing over the next three years, according to data complied by Bloomberg.
Among those being held are Prince Alwaleed bin Talal whose $19 billion fortune has already slumped by about $2 billion this week. Also being detained are Nasser Al Tayyar who amassed a fortune that’s tied to Al Tayyar Travel Group Holding Co., one of Saudi Arabia’s largest travel agencies, and Bakr Binladin, the scion of one of the kingdom’s biggest construction firms.