Billionaire Prince Waleed freed after ‘settlement’

RIYADH: 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 Waleed, dubbed the Warren Buffett of Saudi Arabia, was the most high-profile detainee among 350 suspects rounded up since Nov 4, including business tycoons and ministers, who were held in Riyadh’s luxury Ritz-Carlton hotel.

The prince was released following an undisclosed financial agreement with the government, similar to deals that authorities struck with most other detainees.

“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 and speaking anonymously.

When asked whether the prince was still the head of his publicly listed Kingdom Holding Company, the source replied: “For sure.”

A business associate confirmed that the tycoon had been released.

The Saudi information ministry did not respond to requests for comment.

Prince 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.

Authorities on Friday released media mogul Waleed al-Ibrahim, owner of influential Arab satellite network MBC.

Mr Ibrahim held a family gathering at his residence after his release, three MBC employees said on condition of anonymity. The staff also received an official email congratulating them on his freedom.

The Financial Times reported earlier on Friday that authorities had ordered Mr Ibrahim to hand over his controlling stake in MBC to secure his release.

Another high-profile detainee, former National Guard chief Prince Miteb bin Abdullah, was released recently following his “settlement” with authorities which reportedly exceeded US$1 billion.

The government said most of those detained agreed monetary settlements in exchange for their freedom, which could earn state coffers about $100 billion.

Most detainees agreed on financial settlements in “cash, real estate and other assets”, Saudi-owned Al Arabiya television reported last week.

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-yearold 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.

Some critics have labelled the campaign a shakedown, but authorities insist the purge targeted endemic corruption as Saudi Arabia seeks to diversify its oildependent economy.

The Ritz-Carlton is set to reopen for business next month, sources at the hotel have said.