http://au.news.yahoo.com/thewest/a/-/of ... on-report/" onclick="window.open(this.href);return false;Saudi billionaire Prince Alwaleed bin Talal has sued Forbes magazine for libel in a British court, alleging its valuation of his wealth at $20 billion was short of the mark by $9.6 billion, Britain's Guardian newspaper reported on Friday.
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US-BRITAIN-SAUDI-BILLIONAIRE:Saudi prince sues Forbes after it says he s only worth $20 billion: report
Reuters © Saudi Prince Alwaleed bin Talal speaks during an interview with Reuters at his offices in Kingdom Tower in Riyadh, May 6, 2013. REUTERS/Faisal Al Nasser
Saudi billionaire Prince Alwaleed bin Talal has sued Forbes magazine for libel in a British court, alleging its valuation of his wealth at $20 billion was short of the mark by $9.6 billion, Britain's Guardian newspaper reported on Friday.
The prince, a grandson of Saudi Arabia's founder and nephew of King Abdullah, had attacked the U.S. magazine's ranking of world billionaires as flawed and biased against Middle Eastern businesses after he was ranked number 26 in this year's list.
An official at the High Court in London confirmed that Prince Alwaleed had filed a defamation suit against Forbes, its editor Randall Lane, and two of its journalists on April 30. Details of the claim were not immediately available.
Through his Kingdom Holding Company, Prince Alwaleed owns large stakes in Citigroup, News Corp and Apple Inc, among other companies. He is also owner or part-owner of luxury hotels including the Plaza in New York, the Savoy in London and the George V in Paris.
This year's Forbes World Billionaires list was published on March 4, and the following day Kingdom Holding said the valuation process used "incorrect data" and "seemed designed to disadvantage Middle Eastern investors and institutions".
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Media lawyer Jonathan Coad, of the London firm Lewis Silkin, said London was seen as a more attractive place than New York to bring defamation suits because U.S. libel law made higher requirements of claimants.
"In the U.S., a high-profile claimant has to prove firstly that the article was untrue and secondly that the publisher knew that the article was untrue, which is what we call malice. Those are two hurdles that a UK libel action does not present," said Coad, who is not involved in the Prince Alwaleed case.
Under British libel law, a claimant has only to prove that a publication was defamatory. Then the burden of proof passes to the defendant, who has several possible defenses, including that the publication was true.
I think once you make the rank of billionaire some of these people have more money than sense.
Who cares if he has $20b or $29b. An underestimation sure but defamatory? Pppfffttt
