Saudi Billionaire, Media Tycoon Freed as Ritz Empties

EghtesadOnline: Two of Saudi Arabia’s richest businessmen were released after reaching an agreement to settle corruption allegations as the kingdom seeks to wrap up a crackdown that saw dozens of billionaires and princes locked up in the Ritz Carlton for months, a government official said.

News ID: ۷۴۴۷۱۹

27 January 2018

Fawaz Al Hokair, the billionaire founder of one of the country’s largest retailers, and media tycoon Waleed al-Ibrahim, head of the Dubai-based Middle East Broadcasting Center, left the hotel over the weekend, the official said on condition of anonymity. Billionaire Prince Alwaleed bin Talal, who was also detained in the purge, told Reuters in an interview at the Ritz that he expects to be released in days without giving up control of his Riyadh-based conglomerate Kingdom Holding.

Others released include Khaled al-Tuwaijri, head of the royal court under the late King Abdullah, and Prince Turki bin Nasser, the official said. He didn’t disclose details of the settlements. A senior Saudi official said last week the kingdom expects to reap more than $100 billion from the deals, Bloomberg reported.

Saudi Arabia launched an unprecedented anti-corruption drive in November, rounding up hundreds of suspects, including some of the country’s richest individuals and government ministers. The detentions raised concerns about transparency among foreign investors who are needed to help shift the economy away from a dependence on oil. Critics also said Crown Prince Mohammed bin Salman was using the popular anti-corruption drive to consolidate his grip on the country. Government officials have repeatedly denied that accusation.