Prince Alwaleed Bin Talal, chairman of Kingdom Holding Company, has received a favourable ruling a from a London court on the meaning of key elements of the defamatory articles published about him by Forbes in April 2013, a statement said.

The Prince has consistently maintained that Forbes defamed him by falsely accusing him of defaulting on important contractual obligations, dishonestly manipulating the share price of Kingdom Holding Company, and firing KHC’s auditor because it raised concerns that KHC’s value was over-estimated, the Kingdom Holding statement said.

“Prince Alwaleed also notes the court has found that the Forbes’ articles did not impact KHC,” the statement added.

The court ruling confirms that the Forbes articles made defamatory accusations, thereby strengthening Prince Alwaleed’s claims, according to the statement.

“The lawsuit will now move forward to hold Forbes accountable for their inaccurate reporting, to correct these false and damaging allegations and to vindicate Prince Alwaleed’s reputation,” it said. – TradeArabia News Service