Billionaire Saudi Prince Arrested in Kingdom Corruption Crackdown
$C, $AAPL, $FOX, $TWTR
Saudi Arabia’s Prince Alwaleed Bin Talal was arrested Saturday in a sweeping anti-corruption initiative.
Saudi Arabia’s Prince Alwaleed Bin Talal, a member of the country’s royal family and an investor in Fox Apple, CitiGroup (NYSE:C) and other gian companies, was arrested Saturday in connection with a sweeping anti-corruption initiative.
Prince Bin Talal regularly appears on TV offering investment advice.
According to the report, Saudi Arabian King Salman also removed several other prominent officials. Saudi-based outlet Al Arabiya was the 1st st to report bin Talal was among those detained.
Prince Bin Talal has investments in US corporate entities including: Citigroup, 21st Century Fox and Twitter, among others.
The billionaire Prince is a close friend of The Bushes.
The Al-Arabiya news channel also reported late Saturday that 11 Princes and dozens of former ministers were detained in the anti-corruption probe headed by the Kingdom’s powerful Crown Prince Mohammed bin Salman, 32 anni, who was also named to oversee the new committee.
Al-Arabiya reported that a newly formed anti-corruption committee is looking into devastating and deadly floods that overwhelmed parts of the city of Jiddah in Y 2009 and is investigating the Saudi government’s response to the Middle East Respiratory Syndrome (MERS) virus that has killed several hundred people in the past few years.
Meanwhile, the Kingdom’s top council of clerics issued a statement saying it is an Islamic duty to fight corruption, essentially giving religious backing to the high-level arrests being reported.
The government said the anti-corruption committee has the right to issue arrest warrants, impose travel restrictions and freeze bank accounts. It can also trace funds, prevent the transfer of funds or the liquidation of assets and take other precautionary measures until cases are referred to the judiciary.
The Royal Order said the committee was established “due to the propensity of some people for abuse, putting their personal interest above public interest, and stealing public funds.”
Saudi nationals have long complained of rampant corruption in government and of public funds being squandered or misused by people in power.
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