Saudi Prince Alwaleed arrested in anti-corrution drive

The 32-year-old trying to revamp Saudi Arabia

Saudi Arabia’s Prince Alwaleed bin Talal has been arrested as a part of an anti-corruption sweep within the kingdom.

The billionaire businessman was amongst at the very least 17 Saudi princes and high officers detained on Saturday, based on an inventory obtained by CNN and cited by a senior royal courtroom official.

Reports of his arrest noticed $750 million wiped off Prince Alwaleed’s fortune Sunday.

Shares within the prince’s Kingdom Holding firm fell as a lot as 9.9%, earlier than closing down 7.6% in Riyadh.

Prince Alwaleed owns 95% of Kingdom Holding, which holds stakes in world firms, together with Citigroup, (C) Twitter, (TWTR, Tech30) Apple (AAPL, Tech30) and New York’s Plaza Hotel.

The remaining 5% is listed on the Saudi Stock Exchange. Kingdom Holding was price about $10 billion earlier than Sunday’s share worth drop.

Kingdom Holding didn’t reply to a request for remark.

On Saturday, Saudi Arabia introduced the formation of an anti-corruption committee by King Salman bin Abudlaziz Al-Saud. Three authorities ministers have been faraway from their positions.

Related: Saudi Arabia needs to construct a $500 billion mega-city spanning three international locations

Saudi Arabia’s Attorney General, Sheikh Saud Al Mojeb, mentioned the committee had begun a lot of investigations in a bid to fight corruption.

“Everyone is presumed innocent until proven guilty, and everyone’s legal rights will be preserved,” he mentioned in a press release.

King Salman ordered the anti-corruption purge as a part of an “active reform agenda aimed at tackling a persistent problem that has hindered development efforts in the Kingdom in recent decades,” the Saudi Ministry of Communications mentioned in a press release.

His son, Crown Prince Mohammed bin Salman, is heading the committee, which has the authority to research, arrest, concern journey bans and freeze the belongings of these it finds corrupt. He can be the person main an formidable financial overhaul to scale back the nation’s dependence on oil over the subsequent decade.

CNNMoney (Dubai) First revealed November 5, 2017: eight:28 AM ET

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