SAUDI ARABIA: Saudi prince "withdraws" 150 million dollars from Korean automakers - report
The news agency said that the prince had held a $US100 million stake in Daewoo and a $US50 million or 7.8 percent stake in Hyundai.
"I've withdrawn all my investments worth 100 million dollars with interest" after Daewoo recently "went bankrupt", he told Agence France-Presse.
"I've decided to withdraw my investments in Hyundai after having failed in negotiations with the company to maintain the levels of dividends, settled at 13 percent in a previous agreement" in 1998, the prince added.
"Hyundai only offered me a dividend of five percent, which I refused," he said.
Agence France-Presse said that 43-year-old Al-Walid is a nephew of King Fahd. He runs the Kingdom Holding group with worldwide investments and claims that he has amassed a personal fortune of $US20. 3 billion.
The prince built his global financial empire by investing in major companies experiencing hard times. US magazine Forbes ranks him as the world's fifth-wealthiest entrepreneur, Agence France-Presse said.