UPDATE 1-Saudi Prince Alwaleed in settlement talks with government -sources

From Reuters - January 14, 2018

DUBAI/JEDDAH (Reuters) - Saudi Arabias billionaire Prince Alwaleed bin Talal, detained for over two months in an anti-corruption crackdown, is negotiating a possible settlement with authorities but so far has not agreed on terms, a senior Saudi official said.

Prince Alwaleed, whose net worth has been estimated by Forbes magazine at $17 billion, is chairman and owner of international investment firm Kingdom Holding 4280.SE, and one of the countrys most prominent businessmen.

He offered a certain figure but it doesnt meet the figure required from him, and until today the attorney-general hasnt approved it, the official said on condition of anonymity under government briefing rules.

A second source familiar with Prince Alwaleeds case told Reuters on Saturday that the price had offered to make a donation to the Saudi government, which would avoid any admission of wrongdoing, and to do so from assets of his own choosing. The government refused those terms, the source said.

Kingdom Holdings share price jumped as much as 9.8 percent on Sunday in response to news of the negotiations, adding about $860 million to the companys capitalization. The stock price was still 7 percent below its level just before Prince Alwaleed was detained.

Since early November Prince Alwaleed has been held, with dozens of other members of Saudi Arabias political and business elite detained in the crackdown, in Riyadhs opulent Ritz Carlton hotel as authorities seek to reach settlements with the detainees.


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