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Categorized | Financial

Alwaleed’s finance chief to quit

Posted on November 29, 2013

Kingdom Holding, Saudi billionaire Prince Alwaleed bin Talal’s investment vehicle, will lose another high-profile executive, marking the second such departure in recent months.

Shadi Sadeek Sanbar, chief financial officer at Kingdom Holding, plans to leave the company at the end of the year, people familiar with the situation said. His departure comes after the resignation in June of Ahmed Reda Halawani, the company’s director of private equity.

    Kingdom has been in the spotlight this year after Prince Alwaleed became embroiled in a public dispute with Forbes magazine over a detailed investigation into his wealth.

    The dispute with Forbes emerged ahead of an article which said the value of Prince Alwaleed’s stake in Kingdom was much lower than its share price suggested. Kingdom responded with a firm rejection, and described allegations of share-price manipulation as “completely unsupported and biased”.

    Mr Sanbar’s deputy, Mohammed Fahmy Soliman, may be promoted as part of the transition and Mr Sanbar will remain an adviser to the Prince, the people said. Mr Soliman is already more involved in meetings with bankers, they added.

    Mr Sanbar became Kingdom’s chief financial officer in 2007 and has acted as a special adviser to Prince Alwaleed since 2005. People familiar with the company saidthat working there was demanding, with long hours to match the packed schedule of Prince Alwaleed.

    A person familiar with Mr Sanbar said: “He wanted to leave for some time and I am not sure it will have a significant impact on the company.” He added that Mr Sanbar planned to retire and to spend more time with his family.

    Kingdom Holding did not respond to a request for comment. Bloomberg first reported the move on Friday.

    An accounting professional, Mr Sanbar started his working life at the Los Angeles office of Arthur Andersen in the 1970s after studying in the US. He worked at the firm for decades, and stayed on after its integration with Ernst & Young.