Saudi investor buys £25m stake in Evening Standard: Report | WHAT REALLY HAPPENED

Saudi investor buys £25m stake in Evening Standard: Report

A Saudi investor, who has already ploughed millions into a prominent British online newspaper, has bought a £25m stake in the company which owns the Evening Standard, the Financial Times has reported.

Sultan Mohamed Abuljadayel reportedly bought a 30 percent stake in Lebedev Holdings, the parent company, headed by Russian businessman Evgeny Lebedev, which owns the free newspaper distributed in London and edited by former UK chancellor George Osborne.

According to the Financial Times, Abuljadayel made his purchase using a Cayman Islands company to hide his identity and bought a stake more than a third larger than company filings disclosed in December with a final portion agreed last week.

In 2017, Middle East Eye broke the news that Abuljadayel had bought as much as a 50 percent stake in the Independent, a news organisation bought by Lebedev’s father, Alexander, who is a former KGB officer.

Little is known about Abuljadayel. A well-informed Saudi source has previously told MEE that he is from an established business family based in Medina.