Saudi Binladin Group denies government takeover

Riyadh – Mubasher: Saudi Binladin Group (SBG) has denied news saying that it has been acquired by the government after its chairman Bakr bin Laden was arrested in an anti-corruption probe.

The oldest Saudi contracting firm noted that government may have purchased some shares in the company.

“The Saudi Binladin Group would like to confirm that it remains a private sector company owned by its shareholders,” the company said in a statement on its official website.

"Based on information available to the management, some of the shareholders may have agreed a settlement that involves transferring some SBG shares to the government of Saudi Arabia against outstanding dues," the statement added.

The Saudi government previously said that settlements with arrested persons as part of its anti-corruption probe could pump up to $100 billion into the country.

As for the company’s projects, SBG said its contracted work with the government was ongoing.

These projects include “operating in the two holy mosques, and the rehabilitation project of Zamzam, which began months ago and is expected to end before Ramadan 1439 H,” SBG further revealed.

In November, Saudi Crown Prince Mohammed bin Salman issued a royal decree to detain SBG chairman, Al Waleed bin Talal and a number of princes, former and current and businessmen and officials after accusing them of corruption.

Mubasher Contribution Time: 14-Jan-2018 07:39 (GMT)
Mubasher Last Update Time: 14-Jan-2018 07:52 (GMT)

Request a Trial

First Name:*
Last Name:*
Job Title:*
*Required Fields

Already Registered?

Username/ Email:
Support & Feedback
Ask for free trial