Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Tensions amid DR Congo's opposition as joint candidate is picked

Read more

MEDIAWATCH

Fans say goodbye to comics king Stan Lee

Read more

THE DEBATE

"Patriotism, not nationalism": Macron takes on Trump's worldview

Read more

YOU ARE HERE

France's Viellard family: Hooked on steel

Read more

ENCORE!

Music show: Alex Hepburn, Vanessa Paradis and Smashing Pumpkins

Read more

FOCUS

South Sudan's latest attempt at fragile peace

Read more

THE INTERVIEW

IMF, World Bank chiefs call for 'new multilateralism'

Read more

THE INTERVIEW

Uhuru Kenyatta: 'No single country alone can combat terrorism'

Read more

IN THE PRESS

Would you let your boss micro-chip you? Controversial plan aims to 'protect data'

Read more

Middle East

Billionaire Saudi Prince Alwaleed bin Talal freed after months of detention

© Christophe Ena, AFP | File photo of Saudi billionaire Prince Alwaleed bin Talal

Text by NEWS WIRES

Latest update : 2018-01-27

Billionaire Saudi Prince Alwaleed bin Talal was released on Saturday after having been held since November as part of an anti-corruption sweep launched by Crown Prince Mohammed bin Salman.

Billionaire Saudi Prince Alwaleed bin Talal was released on Saturday from the luxury hotel where he has been held since November, according to three of his associates, marking the end of a chapter in a wide-reaching anti-corruption probe that has been shrouded in secrecy and intrigue.

The prince, 62, had been the most well-known and prominent detainee held at the Ritz-Carlton hotel in the Saudi capital, Riyadh, since Nov. 4, when his much younger cousin, Crown Prince Mohammed bin Salman, ordered the surprise raids against prominent princes, businessmen, ministers and military officers. Sending elite forces to arrest them in their homes, they were subjected to weeks of questioning that would result in many turning over significant financial assets.

Prince Alwaleed was among at least 11 princes detained in the probe, including two sons of the late King Abdullah. The government, however, has not named those detained nor discussed the specific allegations against them.

>> Video: The meteoric rise of Prince Mohammed bin Salman

Critics say the crown prince, who is King Salman's son and heir, has used the anti-graft campaign to sideline potential rivals and seize control of influential businesses run by many of the scions detained in the sweep. The arrests also raised concerns over increasing totalitarianism along with disarray and resentment from within a royal family whose unity has been the bedrock of the kingdom.

The government says the arrests are part of a wider effort to increase transparency, accountability and good governance.

The arrests were unprecedented in a country where royals and their associates have long been seen as operating above the law. The surprise arrests worried international investors, particularly as the Saudi government prepares to list oil giant Saudi Aramco on the stock market sometime this year or next.

Many investors see Prince Alwaleed's arrest as a bellwether for doing business in a country where the potential for future arrests remains.

>> Read more: Saudi king defies royal succession to appoint son as heir

Prince Alwaleed is chairman of Kingdom Holding Company, which has investments in several Western companies such as Twitter, Lyft, Citibank and marquee hotels like New York's Plaza Hotel, London's Savoy Hotel, and the Four Seasons George V Hotel in Paris. The prince also has significant holdings in Apple and is majority owner of the popular Rotana Group of Arabic channels.

Prince Alwaleed's associates, who include a relative, told The Associated Press that his terms of release were not immediately known. They said he had returned to his palatial home in Riyadh's al-Fakhariya neighborhood. The associates spoke on condition of anonymity because of the sensitivity of the matter.

There has been no official comment on his release.

Earlier this week, Saudi Attorney General Saud al-Mojeb was quoted in local media as saying some 90 detainees had been released after agreeing to settlements involving cash, real estate and other assets. If a financial agreement can't be reached, remaining detainees will be moved to prison, prosecuted and could face six months or more in jail. Around 350 people in total have been questioned.

By mid-week, 95 people were still being held, though several more were released over the weekend, including Waleed al-Ibrahim, owner of the popular MBC Group of Arabic channels, according to local media reports and staff at MBC.

The government has said that it uncovered at least $100 billion in corruption, and that any sums recovered so far would be used to fund a cash assistance program for middle and lower-income citizens estimated to cost $8.5 billion in 2018.

Private U.S. intelligence firm Stratfor said the arrests went beyond targeting corruption and were used as a means of reworking patronage networks in favor of Crown Prince Mohammed bin Salman as he seeks an even greater centralization of his power.

"Should the released detainees cross the crown prince again - perhaps by showing disloyalty to his vision through their business decisions - they could well find themselves back in fetters," a Stratfor brief said, adding that there may be a strain on the relationship between the released detainees and the government.

Prince Alwaleed's release on Saturday comes just hours after he gave the only interview since his detention, telling Reuters he expected to keep full control of his investment firm without giving up assets to the government.

His suite at the Ritz-Carlton included a private office, dining room and kitchen. His refrigerator was stocked with vegetarian meals as requested and he had tennis shoes for exercise, as well as a mug with an image of his face on it, according to Reuters.

The prince, sometimes pictured vacationing on his 85-meter (278-foot) super-yacht in the Mediterranean, is among the most outspoken Saudi royals and a longtime advocate of women's rights. While he was never seen as politically influential, his penchant for fame and his holdings in Western firms made him one of the most talked about Saudi royals abroad.

The hotel where he and other prominent figures were held has been closed to the public since early November. The hotel is taking reservations again starting Feb. 14.

(AP)

Date created : 2018-01-27

  • SAUDI ARABIA

    Saudi Arabia arrests billionaire prince, former ministers in 'anti-corruption' sweep

    Read more

  • SAUDI ARABIA

    Dozens more Saudis detained in $100 billion corruption sweep

    Read more

  • SAUDI ARABIA

    Saudi Arabia's anti-corruption prince buys $300 million French chateau

    Read more

COMMENT(S)