The king also replaced Minister of Economy and Planning Adel Fakeih with Mohammad Al Tuwaijri, his deputy.
Al Tuwaijri, formerly vice minister for economy and planning, had already played a key role in shaping Saudi economic and fiscal policy over the past year.
The assets in the sale to Sharon constituted approximately 51 percent of UV’s total assets at the start of the liquidation process.
and Twitter – not to mention frequent CNBC guest – Al-Waleed bin Talal, along with ten senior princes, and some 38 ministers, has been arrested for corruption and money laundering charges on orders from the new anti-corruption committee headed by Crown Prince Mohammed bin Salman, while Royal princes’ private planes have been grounded.
Among those fired and/or arrested are the head of National Royal Guards, Miteb Bin Abdullah, the Minister of Economy and Planning, Adel Fakeih, and Admiral Abdullah bin Sultan bin Mohammed Al-Sultan, the Commander of the Saudi Naval Forces.
As Bloomberg notes, changing the head of the National Guard, an institution that’s been controlled by the clan of the late King Abdullah, “is not like changing the minister of oil,” said Kamran Bokhari, a senior analyst with Geopolitical Futures and a senior fellow with the Center for Global Policy.
“I wouldn’t be surprised if this leads to greater fissures within the royal family.” Arabiya adds that King Salman also issued sacking and replacement orders for Admiral Abdullah bin Sultan bin Mohammed Al-Sultan, the Commander of the Naval Forces, is to be terminated and be retired; his replacement is Vice Admiral Fahd bin Abdullah Al-Ghifaili, to be promoted to the rank of admiral and be appointed as Commander of the Naval Forces.
The trial court granted summary judgment to the defendants, holding that because UV liquidated, the debentures were due and payable to the debenture holders.
In Shocking Purge, Saudi King Arrests Billionaire Prince Bin Talal, Dozens Of Others In Cabinet Crackdown by Tyler Durden, published on Zero Hedge, on November 4, 2017 In a shocking development, Saudi press Al Mayadeen reported late on Saturday that prominent billionaire, member of the royal Saudi family, and one of the biggest shareholders of Citi, News Corp.
On the other hand, the debenture holders (defendants), who wanted the debentures to become due and payable at market price upon the liquidation of UV, argued that the sale to Sharon did not constitute a sale of “all” of UV’s assets.
The defendants maintained that UV’s earlier sales of its other subsidiaries were a part of its predetermined liquidation and thus Sharon’s purchase did not constitute a sale of “all” of UV’s assets for the purposes of determining UV’s successor obligor, if any.
Before joining the government in May 2016 he was Middle East chief executive for HSBC.
He’s served as a frequent spokesman for the government’s economic reform plan on TV and with Western journalists.
Stephen Cave is licensed to act as an Insolvency Practitioner in the United Kingdom.