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English news

08-Feb-2018

Authorities planning to seize controlling stake in broadcaster MBC

Saudi authorities are planning to take ownership of a majority stake in MBC Group, the Middle East’s largest private media company, as they move to seize assets from those caught up in an anti-corruption probe, sources close to the matter said Wednesday. Officials are planning to transfer the ownership of 60% of the regional broadcaster, while leaving the remaining 40% in the hands of Waleed al-Ibrahim, MBC’s founder and chairman, the two sources told Reuters. A Saudi official denied that the government would take any stake in MBC, saying nothing would be changed at the company. MBC declined to comment. The broadcaster is currently 50% owned by other members of the Ibrahim family and 10% owned by Saleh Kamel, a Jeddah-based businessman who was detained at the Riyadh Ritz-Carlton during the government’s crackdown on corruption, the sources said.

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