KSA: ‘Prince Waleed to get free for $6 billion’, Wall Street Journal

The Saudi anti-corruption commission, overseen by Crown Prince Mohamed bin Salman, is expecting to get from Prince al-Waleed bin Talal $6 billion in exchange for his freedom, Wall Street Journal reported.

Prince al-Waleed bin Talal had been rounded up alongside over 200 other princes, business tycoons and top officials on November 4,

Prince al-Waleed is one of the few top Saudi figures still held at Riyadh’s Ritz Carlton five-star hotel in the anti-corruption clean-up directed by the kingdom’s powerful Crown Prince.

The US-based WSJ, citing people familiar with the matter, noted that the demand is among the highest sought from those who have been arrested.

The 62-year prince who has investments in several international companies such as CityGroup Inc., Twitter Inc, Apple is reportedly negotiating with the government about accepting as payment for his release a large piece of his conglomerate, Kingdom Holding Co.

Kingdom Holding is listed on the Saudi stock exchange and has a market value of almost $9 billion.

AL-Waleed also ranks as World 57th richest person with an $18 billion fortune per Bloomberg’s index.

Several Princes and officials have been freed after striking settlement deals with authorities.

Saudi authorities are expecting to get $100 billion from the clean-up operation to close up the budget deficit.

Short URL: https://me-confidential.com/?p=18095

Posted by on Dec 26 2017. Filed under Gulf News, Headlines. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

Comments are closed