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Detained Saudi Prince Waleed's firm seeks to reassure investors

Detained Saudi Prince Waleed's firm seeks to reassure investors

A company chaired by a detained Saudi billionaire prince is seeking to reassure investors after its stock plunged following his arrest in a purported corruption sweep.

Prince Alwaleed bin Talal's Kingdom Holding Co. said in a statement on Monday that it has the government's “vote of confidence” as it pursues its investment strategy and global business operations.

Prince Alwaleed is chairman of the company, which has investments in Twitter, Apple, Lyft, Citigroup and hotel chains like the Four Seasons, Movenpick and Fairmont.

CEO Talal al-Maiman says the company, which manages more than $12.5 billion worth of investments around the world, is focused on its “unwavering responsibilities” to shareholders.




The company, which lost 7.5 per cent in trading on Sunday, made no reference its chairman's arrest.

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