Saudi billionaire Prince Al-Walid bin Talal bin Abdul Aziz has "withdrawn"
150 million dollars worth of investment from South Korea’s Daewoo Motor and Hyundai
Motor, Agence France-Presse reported.

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.

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"I’ve withdrawn all my investments worth 100 million dollars with interest"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.

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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.

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