Saudi Binladin Group denies government takeover after chief detained

Saudi construction giant Binladin Group denied Saturday any state takeover after its chairman was detained, but said some shares may have been transferred to the government. The firm, which has been forced to lay off tens of thousands of workers due to financial problems, said it remained a private shareholding company and was undergoing restructuring.
International media this week reported Saudi Arabia's government had taken over the firm after chairman Bakr bin Laden was detained. The Saudi Binladin Group "would like to confirm that it remains a private sector company owned by its shareholders", it said in a statement. But some company shares may have been transferred to the government in a settlement of "outstanding dues", it added, without providing any details on the size of any such shares.
"Based on information available to the management, some of the shareholders may have agreed (to) a settlement that involves transferring some SBG shares to the government of Saudi Arabia against outstanding dues," it said.
The group's chairman was among dozens of high-profile political and business figures arrested two months ago in a crackdown on corruption ordered by Crown Prince Mohammed bin Salman. Saudi authorities said they were negotiating financial settlements with those detained that could earn state coffers about $100 billion.
Some of those jailed at the luxury Ritz-Carlton hotel in Riyadh have been released after agreeing to a settlement with the government. But the chairman is among several other suspects who are still in detention. These also include Saudi billionaire prince Al-Waleed bin Talal. Established in 1931, the Binladin Group is one of the most powerful companies in the oil-rich kingdom.
It belongs to the family of the late Al-Qaeda leader Osama bin Laden, who was killed in 2011. The firm has encountered serious difficulties in the past few years. It laid off around 77,000 foreign workers in 2016, after the government delayed payments due to a slump in oil revenues.