Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
In the news
Vladimir Putin
United States of America
North Atlantic Treaty Organization
COVID-19
Russia-Ukraine crisis
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / World News / Prince Alwaleed freed: The end of Saudi's corruption crackdown?
World

Prince Alwaleed freed: The end of Saudi's corruption crackdown?

Prince Alwaleed freed: The end of Saudi's corruption crackdown?
Written by Gogona Saikia
Jan 28, 2018, 12:44 pm 3 min read
Prince Alwaleed freed: The end of Saudi's corruption crackdown?

Billionaire Saudi Arabian Prince Alwaleed bin Talal was released from detention yesterday, more than two months after he was taken in for alleged corruption. This came hours after he gave his first interview in detention, saying he expected to be cleared of any wrongdoing. His and other high-profile tycoons' release signaled an end to the crackdown that rattled Saudi Arabia's business and political establishment.

Drive
The crackdown that sent shockwaves across the nation

In November, a newly-constituted anti-corruption body detained 11 princes, four sitting ministers, and dozens of business tycoons and government officials in an anti-corruption drive. These detentions came hours after the new body, headed by Crown Prince Mohammad bin Salman, was formed by royal decree. Attorney general Sheikh Saud al-Mojeb later said over 200 people were being questioned for the embezzlement of $100bn.

Ritz
The Ritz, from luxurious hotel to 'five-star prison'

Riyadh's world-famous hotel, the Ritz-Carlton, soon became the detention centre for the more than 200 individuals. According to Prince Alwaleed, he felt "so comfortable, so relaxed...like at home" in the Ritz. He had his own gold-accented private office, dining room and fully-stocked kitchen. They had their smartphones taken away, but could communicate with family or business executives during detention from phones in their rooms.

Settlements
Buying freedom with out-of-court settlements worth massive amounts

According to reports, 95% of the detainees agreed to out-of-court settlements: in exchange for freedom, they agreed to surrender significant amounts of their wealth to the Saudi treasury. Prince Miteb bin Abdullah, former Saudi National Guard chief, gave up over $1bn. But Prince Alwaleed says he expects to keep all his assets and full control of his investment firm Kingdom Holding Co.

Alwaleed
Despite several allegations, no reported charges against Prince Alwaleed

Prince Alwaleed, who holds stakes in Twitter Inc and Citigroup Inc through Kingdom Holding, was one of the most significant detainees. With a net worth of $17bn, he had also invested in top hotels including the George V (Paris) and the Plaza (New York). Allegations against him included money laundering, bribery and extortion, but there are no charges, he says.

Status
95 people still in detention, investigations to continue

About 95 people still remain under detention. Some are expected to be out on trial. Ninety have been released after charges against them were dropped. Those trading cash and assets for freedom include Waleed al-Ibrahim, owner of television network MBC. Authorities said they expect to raise $100bn for the government through such settlements, a much-needed windfall for an economy squeezed by low oil prices.

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Gogona Saikia
Gogona Saikia
Mail
“I may be on the side of the angels, but don’t think for one second that I am one of them.” Delhi University. Freethinker. “Social justice warrior”.
Latest
Saudi Arabia
Sheikh Saud al-Mojeb
Latest
IPL 2022, PBKS beat SRH: List of records broken
IPL 2022, PBKS beat SRH: List of records broken Sports
Premier League 2021-22: Burnley get relegated; Leeds United survive
Premier League 2021-22: Burnley get relegated; Leeds United survive Sports
Disney+ bags Elton John's documentary 'Goodbye Yellow Brick Road'
Disney+ bags Elton John's documentary 'Goodbye Yellow Brick Road' Entertainment
Premier League 2021-22: Tottenham finish fourth; Arsenal follow suit
Premier League 2021-22: Tottenham finish fourth; Arsenal follow suit Sports
Premier League 2021-22: Manchester City are champions; Liverpool finish second
Premier League 2021-22: Manchester City are champions; Liverpool finish second Sports
Saudi Arabia
Peaceful Sweden witnesses riots sparked by Quran burnings, dozens arrested
Peaceful Sweden witnesses riots sparked by Quran burnings, dozens arrested World
Saudi Prince rejects Musk's Twitter offer; Vanguard becomes largest shareholder
Saudi Prince rejects Musk's Twitter offer; Vanguard becomes largest shareholder Business
Everything to know about world's fastest F1 street circuit
Everything to know about world's fastest F1 street circuit Auto
'Bell Bottom': Saudi Arabia, Qatar ban Akshay Kumar's espionage thriller
'Bell Bottom': Saudi Arabia, Qatar ban Akshay Kumar's espionage thriller Entertainment
Saudi: Three-year travel ban for citizens visiting 'red list' countries
Saudi: Three-year travel ban for citizens visiting 'red list' countries World
More News
Sheikh Saud al-Mojeb
US will get to bottom of journalist Khashoggi's death: Trump
US will get to bottom of journalist Khashoggi's death: Trump World
After denial, Saudi finally admits Jamal Khashoggi died inside Consulate
After denial, Saudi finally admits Jamal Khashoggi died inside Consulate World
Saudi purge: Most detainees accept pardons for cash settlements
Saudi purge: Most detainees accept pardons for cash settlements World
Saudi Arabia: Anti-corruption purge uncovers embezzlement of $100 billion
Saudi Arabia: Anti-corruption purge uncovers embezzlement of $100 billion World
More News
Next News Article
Next News Article

Love World news?

Subscribe to stay updated.

World Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022