Saudi Arabia Is Taking Over The Binladin Group

Back in November, among the numerous high-profile figures arrested in Saudi Arabia on “anti-corruption” charges, in addition to the shocking detention of prince Alwalaleed bin-Talal another unexpected name emerged: that of Bakr bin Laden, chairman of Saudi Binladin Group and brother of Osama bin Laden. Considering that the real intention of the mass arrests was a shakedown of royals for money, bin Laden’s arrest made sense: after all The Binladin Group is one of Saudi Arabia’s biggest construction companies, with an annual turnover of $30 billion.

Or rather was, because as Reuters reports, Saudi Arabia is confiscating taking managerial control of Saudi Binladin Group and discussing a possible transfer of some of the giant construction group’s assets to the state while its chairman and other family members are in detention.