Saudi prince imprisoned for refusing to pay Riyadh $6bn

Saudi Arabia’s richest man has been moved from the luxury hotel where he was being held and thrown in jail after reportedly refusing to pay Riyadh authorities $6billion.

Saudi billionaire investor Prince Alwaleed bin Talal was arrested two months ago in what the Saudi government called an ‘anti-corruption sweep’.

His situation worsened earlier this week when he was moved from his restricted quarters at the Riyadh Ritz Carlton Hotel to the high security Al Ha’ir prison.

Saudi billionaire investor Prince Alwaleed bin Talal (pictured) has been moved to Al Ha’ir prison after refusing to reportedly pay the Saudi government $6billion

It was revealed today that bin Talal is negotiating a possible settlement with authorities.

But so far he 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.

‘He offered a certain figure but it doesn’t meet the figure required from him, and the attorney-general hasn’t approved it,’ the official said on condition of anonymity under government briefing rules.

A second source familiar with Prince Alwaleed’s case told Reuters on Saturday that the prince 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 Holding’s share price jumped as much as 9.8 percent on Sunday in response to news of the negotiations, adding about $860 million to the company’s capitalisation. 

The stock price was still 7 percent below its level just before Prince Alwaleed was detained.

It was revealed today that bin Talal is negotiating a possible settlement with authorities but so far they had not agreed on terms

It was revealed today that bin Talal is negotiating a possible settlement with authorities but so far they had not agreed on terms

Prince bin Salman (pictured) came to power last summer. Straight away he began his ¿anti-corruption sweep¿ arrested members for the royal family as well as influential officials

Prince bin Salman (pictured) came to power last summer. Straight away he began his ‘anti-corruption sweep’ arrested members for the royal family as well as influential officials

He has for the last two months been held at the Riyadh Ritz with 200 other princes and top officials.

That number dwindled after many former detainees capitulated to the new Saudi Prince Mohammed bin Salman.

Alwaleed bin Talal was one of the few who held out.

He was hung upside down and beaten during this time.

He reportedly refused to pay the $6billion bin Salman demanded from him, as well as declining to hand over control of some of his investment companies.

Prince bin Salman came to power last summer. Straight away he began his ‘anti-corruption sweep’, arresting members for the royal family as well as influential officials.

He has since invested heavily in Saudi Arabia’s military defences against Iran.

He also took moves to strengthen ties with the US and Israel, moving to purge to country of anti-Semitic and anti-American Islamic clerics.

The arrest and subsequent incarceration of the 200 princes and top officials – potential roadblocks to his power grab – came as part of his economic reforms.

Earlier this week the Saudi government seized the Binladen construction group and arrested some of the Bin Laden family – relatives of Osama Bin Laden.

Reuters reported the government took over managerial control and may also erase the $29billion in debt it owes to the company.

Prince bin Salman has so far avoided condemnation from allies in the Trump administration and elsewhere.  



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