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KSA: Prince al Waleed resumes work after release from detention

The Saudi prominent business tycoon Prince Al-waleed bin Talal has resumed work at his Kingdom Holding Company (KHC) few days after his release from detention in the anti-corruption clean-up driven by Crown Prince Mohamed bin Salman.

Online footage showed the man thought to have a fortune estimated at $18 billion arriving at his skyscraper offices in Riyadh, reports say.

A crowd of cheerful onlookers welcomed the owner of the holding who arrived under police protection.

Board members of the holding and staff cheered the international investor upon his return to affairs.

“We are very pleased to welcome back Prince Al-waleed to continue his important work as chairman of Kingdom Holding Company. I would like to thank His Royal Highness and KHC’s Board of Directors for the trust they have placed in the management team of this great company to deliver on our commitment to create premium value through KHC’s investment strategy,” said Talal Almaiman, CEO of KHC.

“We are also proud to have great partners who continue to support us in reaching our investment goals and strong returns for KHC shareholders.”

Prince al Waleed was arrested and detained on November 4 at Ritz Carlton Hotel in Riyadh alongside some 200 other princes and businessmen.

The majority of those arrested have been freed after signing monetary agreements. Those still in detention were moved to another location as the opulent hotel which hosted President Trump during his May visit is set to be re-opened for usual business this month.

Authorities claimed over $100 billion have been recovered under the monetary agreements.

Shares of KHC have picked up since the release of the prince after a plunge following his arrest.

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Posted by on Feb 2 2018. Filed under Gulf News, Headlines. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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