Tuesday, 21 November, 2017

Markets Brace for Potential Fallout From Arrest of Billionaire Investor Saudi Prince

Saudi Arabia arrests 11 princes, including billionaire, in corruption crackdown Saudi Arabia princes arrested in corruption drive: Here is everything you need to know
Lillian Steele | 06 November, 2017, 02:07

In addition to Prince Alwaleed, who is one of Saudi Arabia's best-known worldwide businessmen as an investor in firms such as Citigroup and Twitter, those detained included Bakr bin Laden, chairman of the big Saudi Binladin construction group, and Alwaleed al-Ibrahim, owner of the MBC television network.

The Times adds that Prince Alwaleed has made recent appearances in Western news, to weigh in on topics like cryptocurrencies and to discuss Saudi Arabia's plans to offer public shares of its lucrative oil company, Aramco.

Earlier, Kingdom Holding reported it swung to a third quarter profit after restating the same year ago period to a loss.

Analysts suggested the corruption probe, which targeted key members of the royal family, was a show of force by the crown prince, aimed at removing any potential opposition as he pushes an ambitious and controversial reform agenda.

Some of the 11 princes and 38 former government ministers, deputies and businessmen arrested in Saudi Arabia are reportedly being held at the hotel.

The arrest of Alwaleed and other royals further clears a path to power for the rising crown prince, who in June ousted his elder cousin, Prince Mohammed bin Nayef, as interior minister and heir to the Saudi throne. Alwaleed holds stakes in some of the world's major companies, including Apple and Twitter. The crown prince now is King Salman's 32-year-old son.

The committee's goal was to "preserve public money, punish corrupt people and those who exploit their positions", according to the royal decree.

Saudi officials described Saturday's arrests as the result of an investigation by a newly created anti-corruption committee.

President Trump has spoken with the king of Saudi Arabia to offer a wholehearted endorsement of a drive to modernize the kingdom, as the Saudi authorities arrested scores of prominent business people and ministers in a sweeping anti-corruption crackdown.

According to reports Billionaire-prince Alwaleed Bin Talal is one of the eleven princes arrested on 04 November, along side four current ministers and tens of former ministers, in anti-corruption inquiry in Saudi Arabia. The new body was given broad powers to investigate cases, issue arrest warrants and travel restrictions, and seize assets.

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