Saudi Arabian Prince Alwaleed bin Talal leaves the High Court in London July 2, 2013. REUTERS/Neil Hall
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Kingdom Holding's plan to borrow money to fund new investments has stalled because owner Prince Alwaleed bin Talal has been detained in Saudi Arabia's anti-corruption crackdown, according to four sources familiar with the matter. Kingdom had approached banks to obtain the loan, but the financing plan has been held up because the lenders are worried about potential repercussions if they lend to the prince's company, the sources said.One of the sources, who was approached for the loan, said it would have been worth roughly 5 billion riyals ($1.3 billion).Kingdom completed the acquisition of a 16.2 percent stake in local lender Banque Saudi Fransi in September, buying about half of France's Credit Agricole stake in BSF for 5.76 billion riyals.
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