Saudi Arabia’s Prince Al-Waleed bin Talal Released Saturday
Saudi billionaire Prince Al-Waleed bin Talal, 64 anni, was released Saturday after nearly 3 months in detention following a “settlement” with authorities, as a sweeping anti-corruption campaign targeting the Kingdom’s elite winds down.
Prince Al-Waleed was the most high-profile detainee among 350 suspects rounded up since November 4, including business tycoons and ministers, who were held in Riyadh’s luxury Ritz-Carlton hotel.
The Prince was released following an undisclosed financial agreement with the government, similar to deals that authorities struck with most other detainees in exchange for their freedom.
When asked whether the prince was still the head of his publicly listed Kingdom Holding Company, the source who asserted he was guilty of corruption replied: “For sure.”
Neither the Prince nor the Saudi information ministry was available for comment today.
The prolonged detention of Prince Al-Waleed, ranked among the richest men in the world, had sent shock waves across a host of companies that count him as a major investor.
Kingdom Holding in which the prince has a 95% stake owns The Savoy in London, the Fairmont Plaza and the George V Hotel in Paris.
The Prince, who Forbes estimates is worth $18.7-B, has also invested in Lyft, Citicorp and Twitter.
Prince Al-Waleed is the latest in a series of high-profile detainees to be freed from the hotel, as the campaign against elite corruption launched by Crown Prince Mohammed bin Salman draws to a close.
Have a terrific weekend.