Saudi billionaire Prince Al Waleed bin Talal has given up shares in Movempick Hotels and Resorts following another abandonment of stakes early this year.
Al Waleed’s main business Kingdom Holding is on verge of selling the Saudi businessman’s shares in Movenpick Hotels and resorts few months after the business tycoon regained freedom in January after being held in November over corruption allegations.
The operation related to the sale according to reports will phase out over the second part of the year. The deal is estimated to reach about $567 million. The shares will be sold to AccorHotels.
Kingdom Holding also sold its shares in the Four Seasons Hotel in Beirut for around $100-115 million.
Al Waleed was arrested early November along with several other princes and hundreds of businessmen and top officials over corruption allegations.
Authorities claimed he was freed following monetary deal but the man whose net wealth is valued at $17.4 billion has declined to reveal details on his release.
Crown Prince Mohamed bin Salman, Al Waleed’s cousin, oversaw the so-called anti-corruption purge, which yielded over $100 billion.