Saudi Prince Miteb bin Abdullah Reached $1-B Settlement, Released

Saudi Prince Miteb bin Abdullah Reached $1-B Settlement, Released

Saudi Prince Miteb bin Abdullah Reached $1-B Settlement, Released

Prince Miteb bin Abdullah, 1 of the most senior Saudi Arabian royals detained in a declared crackdown on corruption, has been released after reaching a settlement deal believed to exceed the equivalent of $1-B, an official said.

Prince Miteb, Son of the late King Abdullah, was released Tuesday, the official said on condition of anonymity to discuss matters under the authority of the public prosecutor.

At least 3 other suspects held at the Ritz Carlton hotel in Riyadh have also finalized settlement agreements, the official said.

The public prosecutor has decided to release several individuals and will proceed with the prosecution of at least 5 others, the official said.

King Salman removed Prince Miteb from his post as head of the powerful National Guard on 4 November. The same day, the King announced the formation of an anti-corruption commission headed by his Son and heir, Crown Prince Mohammed bin Salman.

A wave of detentions swiftly followed, a purge that included some of the Kingdom’s richest people.

The release comes after Saudi authorities said the majority of those held had agreed to pay back some of the money they had gained illegally, in exchange for their freedom.

Prince Miteb’s detention fueled speculation that the purge was designed to tighten Prince Mohammed’s grip on power, a claim the Prince has denied.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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