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International desk: Saudi billionaire Prince Al-Waleed bin Talal was released on Saturday after nearly three months in detention following a “settlement” with authorities, as a sweeping anti-corruption campaign targeting the kingdom's elite winds down.<\/p>\n
Prince Al-Waleed, dubbed the Warren Buffett of Saudi Arabia, 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.<\/p>\n
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.<\/p>\n
“The attorney general this morning approved the settlement with Prince Al-Waleed bin Talal,” paving the way for his release, a government source said without disclosing figures.<\/p>\n
When asked whether the prince was still the head of his publicly listed Kingdom Holding Company, the source replied: “For sure.”<\/p>\n
A business associate confirmed to AFP that the tycoon had been released.<\/p>\n
The Saudi information ministry did not respond to requests for comment.<\/p>\n
Prince Al-Waleed is the latest in a series of high-profile detainees to be freed from the hotel, as the campaign launched by Crown Prince Mohammed bin Salman draws to a close.<\/p>\n
Authorities on Friday released media mogul Waleed al-Ibrahim, owner of influential Arab satellite network MBC.<\/p>\n
Ibrahim held a family gathering at his residence after his release, three MBC employees told AFP on condition of anonymity. The staff also received an official e-mail congratulating them on his freedom.<\/p>\n
– $100 billion in settlements –<\/p>\n
The Financial Times reported earlier Friday that authorities had ordered Ibrahim to hand over his controlling stake in MBC to secure his release.<\/p>\n
Authorities have so far not commented on his case.<\/p>\n
Another high-profile detainee, former National Guard chief Prince Miteb bin Abdullah, was released recently following his “settlement” with authorities which reportedly exceeded $1 billion.<\/p>\n
The government said most of those detained agreed monetary settlements in exchange for their freedom, which could earn state coffers about $100 billion.<\/p>\n
Most detainees agreed on financial settlements in “cash, real estate and other assets”, Saudi-owned Al Arabiya television reported last week.<\/p>\n
The windfall will help the government finance a package announced by King Salman this month to help citizens cope with the rising cost of living, Finance Minister Mohammed al-Jadaan told Al Arabiya in Davos on Wednesday.Crown Prince Mohammed, the 32-year-old son of the king, has spearheaded the unprecedented crackdown on corruption among members of the government and royal family, as he consolidates his grip on power in the kingdom.<\/p>\n
Some critics have labelled the campaign a shakedown, but authorities insist the purge targeted endemic corruption as Saudi Arabia seeks to diversify its oil-dependent economy.<\/p>\n
The Ritz-Carlton is set to reopen for business next month, sources at the hotel have said. Its website lists rooms as available from February 14.AFP.<\/p>\n","protected":false},"excerpt":{"rendered":"
International desk: Saudi billionaire Prince Al-Waleed bin Talal was released on Saturday after nearly three months in detention following a “settlement” with authorities, as a sweeping anti-corruption campaign targeting the kingdom’s elite winds down. Prince Al-Waleed, dubbed the Warren Buffett of Saudi Arabia, was the most high-profile detainee among 350 suspects rounded up since November […]<\/p>\n","protected":false},"author":7,"featured_media":40524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,14],"tags":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n