Billionaire Saudi prince's company reacts to his arrest
RIYADH, Saudi Arabia - The 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 said in a statement 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 (TWTR), Apple (AAPL), Lyft, Citigroup (C) and hotel chains like the Four Seasons, Movenpick and Fairmont.
CEO Talal al-Maiman says the company, which manages more than $12.5 billion of investments around the world, is focused on its "unwavering responsibilities" to shareholders.
Kingdom Holding, which lost 7.5 percent in trading Sunday, made no reference its chairman's arrest.
The arrests began late Saturday. Eleven princes and 38 officials and businessmen are reportedly being held at five-star hotels across the capital, Riyadh.
Saudi King Salman has sworn in new officials to take over from a powerful prince and former minister believed to be detained in a large-scale sweep.
The official Saudi Press Agency released images Monday of the swearing-in of new National Guard chief Prince Khalid bin Ayyaf al-Muqrin and new Economy and Planning Minister Mohammad al-Tuwaijri.
Prince Miteb bin Abdullah, who for years had led the National Guard, and Adel Fakeih, who had led the Economy Ministry, were both reportedly arrested as part of a purported anticorruption probe led by Crown Prince Mohammed bin Salman.
