ANGRY BILLIONAIRE,PRINCE ALWALEED SUES FORBES AFTER IT SAYS HE'S ONLY WORTH $20 MILLION.

One of the world's multibillionaire Prince Alwaleed Bin Talah has sued Forbes Magazine in a British Court for alleging his net worth stands at $20 billion,which he said was short of the mark $9.6 billion, Britain's Guardian Newspaper reported.
Prince Alwaleed,a grandson of Saudi Arabian's founder and nephew of King Abdullah,had attacked Forbes Magazine for partiality against the Middle Eastern businesses after ranking him 26th world richest this year.
Prince Alwaleed who owns large stakes in Citigroup,New Corp and Apple inc among others through his Kingdom Holding Company filed a suit of defamation against Forbes editor Randall Lane and two of its journalists on 30th April. Prince also is an owner and co-owner of Luxury hotels including the plaza in New York and George V in Paris. After the Forbes publication of world billionaires on March 4th,the Kingdom Holding said the valuation made use of "incorrect data and seemed designed to disadvantage the Middle Eastern investors and institutions. Following the controversy that trailed Forbes publication, Forbes never shifted ground but made an in-depth article in its March 25th issue entitled "Prince Alwaleed and the curious case of Kingdom Holding Stock". This article gave details of how Forbes had arrived at the figure of $20 billion and condemned what it called lack of transparency by Kingdom Holding in detailing its assets. The High Court official in London, named Kerry Dolan the author of the article and Francine Mckenna as those involved in the defamation. No date has been fixed yet for the hearing of the suit.