Saudi billionaire Prince bin Talal released from detention

Saudi billionaire Prince bin Talal released from detention

Saudi billionaire Prince bin Talal released from detention

He said at the time that 95 were still being held, and that if a financial agreement could not be reached the remaining detainees will be prosecuted, investigated further and could face six months or more in jail.

Prince Alwaleed's worth is estimated at $17.4 billion by Forces. He exercises a lot of influence directly or indirectly through his own firm. His publicly held company, Kingdom Holding, has invested in real estate and companies worldwide, including doing business with fellow billionaires Bill Gates, Rupert Murdoch and Michael Bloomberg.

His investments span across the globe as well.

Directly or indirectly through Kingdom Holding, he holds stakes in firms such as Twitter Inc and Citigroup Inc, and has invested in top hotels including the George V in Paris and the Plaza in NY. He has been referred to as the Warren Buffett of the Middle East.

The terms of his release are unclear but the government has said that most detainees have agreed on financial settlements in exchange for their freedom as the anti-corruption campaign winds down.

More news: Guggenheim offers Trump solid gold toilet instead of Van Gogh

Crown Prince Mohammed, the 32-year-old son of the king, has spearheaded the unprecedented crackdown on corruption among members of the government and royal family, as he consolidates his grip on power in the kingdom.

Among those detained was Prince Alwaleed bin Talal, a billionaire investor with stakes in companies around the world including Twitter and Citigroup. He is also pushing for diversifying Saudi's economy away from oil and to relax its strict social conventions.

The crown prince himself has been accused of corruption and maintaining a lavish lifestyle.

"He has arrived home", one source in Prince Alwaleed's family told Reuters.

He was the most prominent person among those arrested when several of the country's most powerful princes, businessmen and government officials, among others, were swept up in an anti-corruption raid in early November and placed under house arrest at the Riyadh Ritz-Carlton.

Related news