Saudi’s Prince Alwaleed Now in ‘Harsh’ Prison on Corruption Charges

Saudi’s Prince Alwaleed Now in ‘Harsh’ Prison on Corruption Charges

Saudi’s Prince Alwaleed Now in ‘Harsh’ Prison on Corruption Charges

Saudi Arabia’s most famous billionaire, Alwaleed bin Talal, 62 anni, was recently taken to a high-security ‘harsh’ prison, and has been tortured at the Al-Ha’ir Prison, which is said to house numerous al-Qaeda terror suspects.

Prince Alwaleed has refused to disgorge $6-B of his $17-B fortune and refuses to admit guilt to corruption charges.

This is a painful reversal of fortune for Prince Alwaleed, who along with 150 other wealthy Saudi businessmen, had been detained at the 5-Star Ritz-Carlton in Riyadh since 4 November,  after being caught in Crown Prince Mohammed bin Salman’s, 33 anni, corruption dragnet.

The Crown Prince is the effective ruler of the Oil-rich nation.

Prince Alwaleed is the biggest ‘fish’ in the net, in what officials call a national “anti-corruption” sweep, but the move has shocked global investors who had been wooed by the new Crown Prince with promises he was Westernizing his nation.

The allegations against Prince Alwaleed include money laundering, bribery and extorting officials, a Saudi official told Reuters soon after his detention.

The incarceration of Prince Alwaleed

He is in deep trouble, and he is not going to get out of this at all knowing the mindset of the the Saudi royal family. The prison he is in is for long-term imprisonment.

Some of the detainees reportedly have been tortured to force them into making massive financial settlements with the government, but Prince Alwaleed is said to have held out.

The torture sessions are being conducted by American mercenaries hired by the Saudi government who stage “interrogations” by stringing the wealthy detainees up by their feet and beating them has been reported.

A source told Reuters that Prince Alwaleed has offered to make a “donation” to the Saudi government, provided he would not have to admit to any wrongdoing and could choose which assets to cash in.

But so far, the Saudi government has refused his terms

More than $194-B has reportedly been seized from the bank accounts and seized assets of the detainees, even though no evidence of wrongdoing has been offered, and some of the detainees have been discouraged of 70% of their assets in exchange for their freedom.

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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