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US News

Saudi prince released in corruption probe after months in detention

Saudi Prince Alwaleed bin Talal, a billionaire investor who holds stakes in the Plaza Hotel, Twitter and Citigroup, was freed Saturday after being detained at The Ritz-Carlton in Riyadh for two months in a sweeping corruption crackdown.

Hours before his release, Alwaleed, 62, told Reuters he expects to keep full control of his global investment empire, and maintained he was innocent of corruption.

A senior Saudi official said Alwaleed was freed after he reached a financial settlement with the attorney general, one of several prominent businessmen to do so. The terms of the settlements were not disclosed.

Alwaleed, who is worth $18.7 billion, was accused of money laundering, bribery and extorting officials. The exact nature of the charges was never disclosed.

The release of Alwaleed and several other tycoons, including Waleed al-Ibrahim, owner of regional television network MBC, suggests the main part of the corruption probe is winding down.

The probe shocked Saudi Arabia’s business and political establishment.

A Gulf banker who deals with Saudi Arabia told Reuters the authorities are keen to conclude the probe, partly because foreign investors are concerned their assets or their local business partners could be targeted in the wide-ranging crackdown.

Alwaleed’s detention was particularly worrying for foreigners because of his prominence as an investor, the banker said.

In addition to his stakes in Twitter and Citi, his Kingdom Holding Co. invests in ride-hailing service Lyft, and owns nearly 6 percent of French hotel operator Accor.

“The government is signalling that it wants to move to a new phase now, away from the crackdown and into other economic reforms,” the banker said.

Alwaleed and other senior officials and businessmen had been confined to the swank Ritz-Carlton since early November as part of new Saudi leader Crown Prince Mohammed bin Salman’s efforts to reform the oil superpower.

Shortly before his release, Alwaleed gave a tour of his luxurious prison suite to Reuters. It included a gold-accented private office, a dining room and kitchen.

Alwaleed gave the interview and tour partly to disprove rumors he had been moved to a prison.

The Saudis still held 95 people Saturday. Some were expected to be put on trial.

Saudi authorities expect to raise some $100 billion through settlements like that it reached with Alwaleed.

“I will not leave Saudi Arabia, for sure,” Alwaleed told Reuters. “This is my country.”

With Wires