Outstanding businessmen attain settlements in Saudi corruption probe

In Nissan’s latest campaign themed #SheDrives a group of Saudi women were taken out for their first lesson behind the wheel. AP

Saudi Arabian billionaire Prince Alwaleed bin Talal was released from the luxury hotel where he had been held amid the Kingdom's crackdown on corruption, sources from the prince's family and a Saudi official confirmed.

In November, the billionaire was arrested and detained in Saudi Arabia's capital, Riyadh, at the Ritz Carlton Hotel.

Another high-profile detainee, former National Guard chief Prince Miteb bin Abdullah, was released recently following his "settlement" with authorities which reportedly exceeded $1bn. He said he expected to keep full control of his global investment firm Kingdom Holding Co without being required to give up assets to the government.

The Saudi billionaire Prince Al-Waleed bin Talal has been released after he was detained almost three months ago as part of a sweeping anti-corruption clampdown.

It was the first time the prince, one of the nation's most prominent businesspeople, has spoken publicly since his detention. "There are just some discussions between me and the government", Reuters quoted him as saying. His net worth has been estimated by 2017 Forbes magazine at a whopping 18 billion dollars.




The government on Friday also released Waleed Al Ebrahim, head of the Middle East Broadcasting Centre, Al Tuwaijri and Fawaz Al Hokair and other detainees.

A senior Saudi official told the daily that Prince Alwaleed's release had come about after "a financial settlement was reached with the attorney general", adding the prince returned home at 11.00 A.M., without providing further details on the terms.

Earlier, Prince Alwaleed speaking in an exclusive interview with Reuters at his suite in Riyadh's Ritz-Carlton hotel said he supports the reform process launched by Crown Prince Muhammad Bin Salman, deputy premier and minister of defense.

His investments span the globe, including the Four Seasons Hotel George V in Paris, the Savoy in London and the Plaza in NY. Al-Ibrahim is the brother-in-law of Saudi Arabia's late King Fahd and chairman of MBC, which has more than a dozen television channels including the news network Al Arabiya.

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