by bbc – One of the world’s richest men, Prince Alwaleed bin Talal, has been released two months after being detained in Saudi Arabia’s anti-corruption purge. He was freed after a financial settlement was approved by the state prosecutor, an official said. Prince Alwaleed was held in November by a new anti-corruption body headed by the Saudi crown prince. More than 200 princes, politicians, and wealthy businessmen were detained in the crackdown. Since then, they have been held in the Ritz Carlton hotel in Riyadh, which is due to reopen on 14 February. Prince Alwaleed is the most high-profile detainee to have been released so far. Speaking to Reuters news agency before his release he said that no charges had been laid against him and expressed support for Crown Prince Mohammed bin Salman. The multi-billionaire has a vast array of business interests across the world, including holdings in Twitter and Apple.

A Canada-based businessman tells the BBC about how Saudi Arabia’s anti-corruption drive is being conducted. In November, Forbes estimated his net worth at about $17bn (£13bn), making him the 45th richest man in the world. Officials say he will remain as head of his company, Kingdom Holding. Other high-profile figures that have been set free include Waleed al-Ibrahim, the head of MBC television network, and Khalid al-Tuwaijiri, a former chief of the royal court. They have paid substantial financial settlements, reports say – though the amounts have not been made public. Prince Miteb bin Abdullah, who was released at the end of November, paid more than $1bn (£750m). Media reports suggest that Mr al-Ibrahim’s deal may have included his controlling share in MBC – the largest media company in the Middle East. The Ritz-Carlton in Riyadh is holding about 200 members of the Saudi elite The anti-corruption drive was instigated by Prince Mohammed bin Salman – who has been accused of using the investigation to remove opponents and consolidate his power. In the aftermath of the purge, Saudi Arabia’s attorney general said at least $100bn (£76bn) had been misused through systemic corruption and embezzlement going back decades. The detentions – and the expensive settlements – are being characterised by the state as an attempt to recover those funds. Many more of those detained remain in the Ritz Carlton under guard, until it reopens for Valentine’s Day in mid-February. Those who do not reach settlements before then are expected to be sent to prison to await trial.

 Maintaining innocence 

Allegations against Prince Alwaleed, who is in his early 60s, included money laundering, bribery and extorting officials, a Saudi official told Reuters in early November. In his first interview since he was taken into custody, conducted hours before his release, Prince Alwaleed told Reuters that he was continuing to maintain his innocence of any corruption in talks with authorities. He said he expected to keep full control of his global investment firm Kingdom Holding Co without being required to give up assets to the government. The release of Prince Alwaleed, whose net worth has been estimated by Forbes magazine at $17 billion, is likely to reassure investors in his global business empire as well as in the Saudi economy broadly. 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 New York. He described his confinement as a misunderstanding and said he supports reform efforts by the crown prince. “There are no charges. There are just some discussions between me and the government,” he said in the interview. “I believe we are on the verge of finishing everything within days.”

By ABDULLAH AL-SHIHRI and AYA BATRAWY, Associated Press RIYADH, Saudi Arabia (AP) — Billionaire Saudi Prince Alwaleed bin Talal, who had been held in a luxury hotel since November in a wide-reaching anti-corruption probe that has been shrouded in secrecy and intrigue, was released on Saturday, according to three of his associates. The anti-corruption campaign, however, could still be far from over, with more arrests possible and aftershocks yet to materialize. The 62-year-old prince had been the most well-known and prominent detainee at the Ritz-Carlton hotel in the Saudi capital, Riyadh, since Nov. 4, when his much younger cousin Crown Prince Mohammed bin Salman ordered the surprise raids against prominent princes, businessmen, ministers and military officers. Elite forces were sent to arrest them in their homes, and they were subjected to weeks of questioning that would result in many turning over significant financial assets. Prince Alwaleed’s associates, who include a relative, told The Associated Press his terms of release were not immediately known. They said he had returned to his palatial home in Riyadh’s al-Fakhariya neighborhood. The associates spoke on the condition of anonymity because of the sensitivity of the matter, and there was no official comment on his release.

Prince Alwaleed was among at least 11 princes detained in the probe, including two sons of the late King Abdullah. The government, however, has not named those detained nor discussed the allegations against them. Hours before the arrests were made, the late King Abdullah’s son Prince Miteb was ousted from his post overseeing the National Guard, a powerful force that oversees key aspects of internal security and the security of the royal family. He was seen as a potential contender for the throne until his arrest. Critics say the crown prince, who is King Salman’s son and heir, has used the purported anti-corruption campaign to sideline potential rivals and seize control of influential businesses run by many of the scions detained in the probe. The arrests also raised concerns over increasing totalitarianism, along with disarray and resentment from within a royal family whose unity has been the bedrock of the kingdom. The government says the arrests are part of a wider effort to increase transparency, accountability and good governance. Still, the arrests were unprecedented in a country where royals and their associates have long been seen as operating above the law. The surprise arrests also worried international investors, particularly as the Saudi government prepares to list oil giant Saudi Aramco on the stock market sometime this year or next. Many investors see Prince Alwaleed’s arrest as a bellwether for doing business in a country where the potential for future arrests remains. His release comes as world leaders and major investors convene at the World Economic Forum in Davos, Switzerland. Prince Alwaleed is chairman of Kingdom Holding Co., which has investments in several Western companies such as Twitter, Lyft, Citibank and marquee hotels like New York’s The Plaza hotel, London’s Savoy Hotel and Paris’ the Four Seasons George V Hotel. The prince also has significant holdings in Apple and is majority owner of the popular Rotana Group of Arabic channels.

Giorgio Cafiero, CEO of risk consulting firm Gulf State Analytics, said there’s a “high possibility” the prince’s release “marks the end of nearly the first stage and that more arrests will happen later this year.” The crown prince, who has consolidated power rapidly since his father’s ascension to the throne three years ago, has demonstrated “he’s not afraid to step on some toes,” Cafiero said. “It’s not very clear how members of the royal family can counter him at this point,” he added. Private U.S. intelligence firm Stratfor said the arrests went beyond targeting corruption and were used as a means of reworking patronage networks in favor of Prince Mohammed as he seeks an even greater centralization of his power. “Should the released detainees cross the crown prince again — perhaps by showing disloyalty to his vision through their business decisions — they could well find themselves back in fetters,” a Stratfor brief said. Earlier this week, Saudi Attorney General Saud al-Mojeb was quoted in local media as saying some 90 detainees had been released after agreeing to settlements involving cash, real estate and other assets. If a financial agreement can’t be reached, remaining detainees will be moved to prison, prosecuted and could face six months or more in jail. Around 350 people in total have been questioned. By midweek, 95 people were still being held, though several more were released over the weekend. The government has said that it uncovered at least $100 billion in corruption and that any sums recovered so far would be used to fund a cash assistance program for middle- and lower-income citizens estimated to cost $8.5 billion this year.

The king this month also ordered more than $11 billion in bonuses for government employees, soldiers and students as the government hikes prices and introduces taxes to raise revenues amid lower oil prices. Prince Alwaleed’s release came just hours after he gave the only interview since his detention, telling Reuters he expected to keep full control of his investment firm without giving up assets to the government. His suite at the Ritz-Carlton included a private office, dining room and kitchen. His refrigerator was stocked with vegetarian meals as requested, and he had tennis shoes for exercise, Reuters reported. The prince, sometimes pictured vacationing on his 85-meter (278-foot) super-yacht in the Mediterranean, is among the most outspoken Saudi royals and a longtime advocate of women’s rights. While he was never seen as politically influential, his penchant for fame and his holdings in Western firms made him one of the most talked about Saudi royals abroad. The hotel where he and other prominent figures were held has been closed to the public since early November but is taking reservations again starting Feb. 14. ___ Batrawy reported from Dubai, United Arab Emirates.

RIYADH (Reuters) – Following are excerpts of a Reuters interview with Saudi Arabia’s billionaire Prince Alwaleed bin Talal, detained in the kingdom’s sweeping corruption probe.

He spoke with Reuters for 30 minutes in a suite at Riyadh’s opulent Ritz-Carlton hotel, where he has been held since November. It was the first time the prince, one of the nation’s most prominent businessmen, has spoken publicly since his detention.

Q: The main question is this: why are you here?

“There are quite a number of people here. Obviously we are in full cooperation with the government because I am part of the government. I am part of the Saudi ruling family. So we are just in full cooperation here. We are continuing our discussion. I believe we are on the verge of finishing everything within days.”

Q: What are the charges against you?

”There are no charges. There are just some discussions between me and the government. Rest assured this is a clean operation that we have and we’re just in discussion with the government on various matters that I cannot divulge right now. But rest assured we are at the end of the whole story. And I‘m very comfortable because I‘m in my country, I‘m in my city, so I feel at home. It’s no problem at all. Everything’s fine.

“What triggered this discussion between me and you really are all the rumours that appeared, on the BBC especially, which upset me a lot. And it’s all lies, frankly speaking. I’ve been always all the time here at this hotel and everything’s been fine. I exercise, I stretch, I swim, I walk. I have my diet food. Everything’s fine; it’s like home.”

“I call my family everyday and it’s like my office here. I‘m in touch with my office everyday: my private office, my Kingdom [Holding] office, my philanthropic entities. Everything’s functioning. All these rumours really upset me, because they went so far.”

Q: Which rumours upset you specifically?

”I saw them on the BBC and others, that Alwaleed was sent to some other place, the main prison, and that he’d been tortured. All lies. It’s very unfortunate.

“I was planning to do an interview when I got out, which I think will be imminently, a matter of days. But I decided to accelerate the process and accept this interview today because these various rumours took place. They’re unacceptable completely. They are just a bunch of lies.”

(here)

Q: As it’s been explained to you, what are the accusations that led to you being held here?

“Look, I‘m a high-profile person: nationally, regionally and internationally, correct? I‘m involved in so many projects. I have nothing to hide at all. I‘m so comfortable, I‘m so relaxed. I shave here, like at home. My barber comes here. I‘m like at home, frankly speaking. There’s nothing specific. All the discussions are in general terms. I told the government I’d stay as much as they want, because I want the truth to come out on all my dealings and on all things that are around me.”

Q: Which dealings do they say were inappropriate?

“There is nothing to do with inappropriate or appropriate. Everything was appropriate.”

Q: It’s an anti-corruption investigation –

”That’s the big title: anti-corruption. But many people left here with no charges at all – zero. Clearly because I am involved in so many projects nationally, regionally, internationally, so many interests, so I told them: ‘Please, take your time. Look at everything. I have nothing to hide. Everything’s pure and clean. So look at everything, and then when you are done, we’re done.’

“Actually it was proposed that I could leave here a few days ago and I said no … I’ll stay here until everything is finished 100 percent because it’s very important to come out of this clean and pure. And that’s what is going to happen.”

Q: What kind of settlement is under discussion? How much is the government asking for? Are they asking for assets or stakes in companies?

“I read about this in Bloomberg, actually. They said they wanted a big percentage of Kingdom Holding and would like to get $6 billion. All these are false. Actually, I wasn’t going to reply to these allegations until I left, but because of this torture issue … that upset me a lot, so I accepted an interview.”

Q: Will there be a financial settlement when you leave?

”Not necessarily. I cannot divulge, because there are two parties here. So far, we’re talking and so far, so good. When a high-profile person like me has some doubts around him, it’s very important to clear these doubts 100 percent. I have dealings nationally, regionally, internationally, with international banks, with companies. We’re investors all over the world.

“It’s very important when you come out of here, to come out with complete vindication. That’s my objective … I asked not to leave here until I am vindicated. Step by step, we’re reaching that stage.”

Q: How do you expect this will be resolved? Will you make a donation of some sort? Will you give up stakes in companies?

“We are in discussion with the government right now. I cannot give you access to the final discussion with them, but we are at the final stage of it. We are there.”

Q: Was this in any way political? Does it perhaps have to do with your father, Prince Talal, not supporting Prince Mohammed bin Salman’s rise to power? Or is it truly about corruption?

“It has nothing to do with politics, nothing to do with economics, nothing to do with corruption. But just unfortunately, I‘m in this place to vindicate myself. I really would like to stay here until the vindication is 100 percent. I can tell you right now we are almost 95 percent there.”

Q: What do you expect will happen after you leave the Ritz? Will you stay in Saudi Arabia?

“I will not leave Saudi Arabia, for sure. This is my country. I have my family, my children, my grandchildren here. I have my assets here. For sure. My allegiance is not on the table … For the king, crown prince, Saudi Arabia, it’s non-negotiable.”

Q: Do you expect to retain ownership of Kingdom Holding and stakes in companies like Citigroup?

“Yes, Kingdom Holding will remain under my ownership, the same ownership.”

“All these companies are part of Kingdom Holding, which has investments nationally, regionally, internationally and has the highest-price tower in Jeddah.”

“If I retain my ownership in Kingdom Holding, then obviously all the stakes will be retained because they are owned by Kingdom Holding.”

Q: Do you expect that any assets at all will be transferred to the state?

“No, no, really. I don’t expect anything at all, because really there is nothing, nothing at all.”

Q: Are you able to speak with the leaders of your company?

”Yes. Whenever Kingdom Holding representatives need to talk to me, they come talk to me, they meet me.

“I speak to them whenever needed, sometimes daily, sometimes every two or three days.”

“And my family, I just talked to my son and daughter today. I talked to my granddaughters today.”

Q: Do you expect that you’ll maintain ownership of your homes in Saudi Arabia?

“Yes. Frankly speaking, I know you may ask the question: if that’s the case, then why are you here? I understand, every person is innocent until proven guilty. I‘m a Saudi citizen and a member of the royal family, and I know people are asking why Alwaleed is here. It does not make sense, because they know I am very involved in charity, philanthropy … So there’s a contradiction, I understand this. But you know, there’s a misunderstanding and it’s being cleared. So I’d like to stay here until this thing is over completely and get out, and life goes on.”

Q: Has there been any discussion of pledges of future income, a donation of some sort or a promise to investment in Aramco or the PIF projects?

“No, no, nothing. Zero.”

Q: So you would not make some kind of donation?

“No, nothing.”

Q: What exactly will you do after your release?

“Same old story, nothing else. I’ll go outside, I’ll go to my office, I’ll go the desert on the weekend. I’ll continue being a vegetarian – a vegan, actually.”

Q: Could you describe your average day here in the Ritz?

“Those are my tennis shoes here. I walk, I swim, I exercise, I stretch. I have a programme. I watch the news.”

Q: When you hold your discussions with the government, what do they ask about?

“That I cannot divulge. But we’ve been working in Saudi Arabia for the last 30 years. We have now a new leadership in Saudi Arabia, and they just want to cross all the Ts and dot all the Is. And I said: ‘Fine, that’s fine with me, no problem at all. Just go ahead.’ I‘m very, fully cooperative.”

Q: Is there any chance this case could go to trial or that you could go to prison?

“Zero chance for trial. Zero chance for prison. Matter of days, I‘m telling you.”

Q: Do you think this process has been a just one? Is this process good for Saudi Arabia?

”To me, they’ve been fair and honest, and I’ve been fair and honest with them. Saudi Arabia had corruption, there’s no doubt about that … It’s unfortunate that an anti-corruption person became mired in this whole thing, which is a fact that I accept. A lot of people came here, around 300, and I think the majority are out now and actually the majority are innocent. The rest have settlements … but that’s between them and the government.

“In the last decade, a lot of money was wasted … Some members of government were involved in corruption. I think that it’s healthy to weed them out and get Saudi Arabia clean and pure.”

“I can only say I‘m supporting the king and crown prince in all the efforts they’re doing to really have a new Saudi Arabia.”