Advertisement

Saudi billionaire Prince Alwaleed, former ministers detained in corruption probe

From Reuters - November 4, 2017

RIYADH, Nov 5 (Reuters) - One of Saudi Arabias most prominent businessmen and a former finance minister are among dozens detained in a probe by a new anti-corruption body, a senior Saudi official said on Sunday.

The official, who declined to be identified under briefing rules, said billionaire Prince Alwaleed bin Talal, who owns investment firm Kingdom Holding, and former finance minister Ibrahim al-Assaf had been detained.

Neither man nor Kingdom Holding officials could be reached immediately for comment. Aside from being one of the largest shareholders in Citigroup, Kingdom owns stakes in Rupert Murdochs News Corp and microblogging site Twitter.

Saudi King Salman announced late on Saturday the creation of a new anti-corruption committee chaired by his son Crown Prince Mohammed bin Salman. Saudi-owned Al Arabiya television said the body had detained 11 princes, four current ministers and tens of former ministers. The crown prince is spearheading an ambitious economic reform programme that aims to draw more foreign and private sector investment into the kingdom, which is the worlds top oil exporter and the most powerful country in the Gulf Arab region.

King Salman also appointed two new ministers on Saturday to key security and economic posts, removing one of the royal familys most prominent members as head of the National Guard.

Advertisement

Continue reading at Reuters »