Shares of Saudi Prince's Firm Surge After His Release

29 January, 2018, 03:31 | Author: Gregory Stephens
  • Prince Alwaleed freed from hotel confinement

"The attorney-general has approved this morning the settlement that was reached with Prince Alwaleed bin Talal", the official told Reuters.

When asked whether the prince was still the head of his publicly listed Kingdom Holding Company, the source who asserted he was guilty of corruption replied: "For sure".

In November, a newly-constituted anti-corruption body detained 11 princes, four sitting ministers, and dozens of business tycoons and government officials in an anti-corruption drive. Some are expected to be out on trial.

More than 200 members of the Saudi elite, like royalty, businessmen and politicians have been held in an attempt to recover around $100 billion that officials say was misused over the course of decades in embezzlement schemes and corrupt business dealings.

The release of Prince Alwaleed, whose net worth has been estimated by Forbes magazine at $17bn, may reassure investors in his business empire.

Authorities on January 26 released media mogul Waleed al-Ibrahim, owner of influential Arab satellite network MBC.Ibrahim held a family gathering at his residence after his release, three MBC employees told AFP on condition of anonymity. He was under detention under anti corruption purge along with over 200 princes and high ranking officials facing corruption charges since early November a year ago.

The prince also said he was able to communicate with executives at his business during his detention, and that Kingdom Holding would remain under his ownership.


The company - in which the prince has a 95 per cent stake - owns The Savoy in London, the Fairmont Plaza in NY and the George...

"If they can just go back to their old jobs, it would appear that the campaign was just a warning signal, and an effort to raise money", said Gregory Gause, a professor of worldwide affairs and Saudi specialist at Texas A&M University. There are some discussions with me and the government.

Prince Alwaleed appeared greyer and thinner than in his last public appearance, a television interview in October, and had grown a beard while in detention.

According to Prince Alwaleed, he felt "so comfortable, so relaxed.like at home" in the Ritz. I shave here, like at home.

He also highlighted all comfort amenities that were available to him, including a private office, dining room and kitchen, which was fully stocked with his preferred vegetarian meals.

The relative did not provide any details about the conditions of Alwaleed's release. Investments within Saudi Arabia include a 16.2 percent stake in lender Banque Saudi Fransi 1050.SE.

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