Saudi prince told $6bn is price of freedom

AUTHORITIES in Saudi Arabia want $6 billion (£4.5 billion) from Prince Al-waleed bin Talal in return for his release after his arrest in last month’s anti-corruption purge in Riyadh.

The prince, who is the 57th richest man in the world, was one of dozens of businessmen, royals and government officials detained last month in the Ritz Carlton hotel in a move led by Crown Prince Mohammed bin Salman.

Many of the others have since been released, with reports that they paid for their freedom, but the fee demanded for Prince Al-waleed is believed to be one of the highest.

Allegations levelled against Prince Al-waleed included extortion, bribery and money laundering. He is believed to be worth some $18.7billion, and has accrued a vast portfolio that includes holdings in Citi Bank, Disney, Twitter and the Savoy hotel in the Strand.

But he has reportedly refused to pay up, claiming this would amount to an admission of guilt. It is also believed the fee could lead to the dismantling of much of his business empire.