Billionaire Saudi prince Alwaleed detained in probe -official (4280)

Violet Tucker
November 6, 2017

Among 11 royals and several other government ministers arrested Saturday was Prince Alwaleed bin Talal, an internationally prominent investor with an estimated net worth of around $19 billion, according to the Bloomberg Billionaires Index.

The crown prince warned earlier this year that anyone guilty of corruption would be punished.

The king named Crown Prince Mohammed the minister of defence in 2015.

Prince Alwaleed and head of the Saudi National Guard Prince Miteb bin Abdullah - son of the late King Abdullah and once a leading contender to the throne - were detained as part of the probe, Reuters said.

Adel Fakeih: The minister of Economy and Planning, Adel Fakeih was replaced by Mohammad al-Tuwaijri.

Mansour bin Muqrin, a Saudi prince, reportedly died in a helicopter crash near the Saudi border with Yemen, Al Arabiya TV reported. He was among 11princes, four ministers and tens of former ministers detained, two senior officials said.

Admiral Abdullah Al-Sultan: The former commander of Saudi Naval Forces was sacked and replaced with Admiral Fahd bin Abdullah Al-Ghifaili.

Lebanese Prime Minister resigns over fear for life
The government have managed to avoid the country being embroiled in the worst of the conflict taking place in neighbouring Syria. The prime minister's resignation will raise tensions in the country and has thrown its political future into uncertainty.

ISIS Has Been Ousted From Deir al-Zour, Syrian Media Says
After overrunning vast territories in northern and western Iraq in 2014, ISIS has recently suffered a string of major defeats. Syrian forces entered Deir Ezzor city in September, breaking an ISIS siege of almost three years.

StarCraft II Will Be Free to Play Starting Nov. 14
The entire first single-player campaign and all the multiplayer modes for zero dollars is a pretty good deal. In the seven years since it released in 2010, StarCraft II has awarded over $11M in prizes to competitors.

Prince Alwaleed formed Kingdom Holding in 1979, initially pouring money into real estate in Riyadh; in the 1990s he ventured into Wall Street, investing heavily in Citigroup. Phone lines to the hotel have been cut off since Sunday morning.

The arrest of Prince Alwaleed - King Salman's nephew - comes as surprise.

Prince Alwaleed's investments, current and future, may now be in doubt after he was detained in an investigation by a new Saudi anti-corruption body.

The committee can issue arrest warrants and ban people from travelling, the BBC reported.

The kingdom's top council of clerics was quick to throw its support behind the royal decree, tweeting shortly after the announcement: "Fighting corruption is an obligation in Islamic sharia [law], a requirement of national interest, and combating it is just as important as the fight against terrorism".

Hours before landing in Japan, the first stop of his 12-day Asia trip, the president tweeted his support for a USA stock listing for the world's largest oil company: "Would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange".

Other reports by Guamnewswatch

Discuss This Article