Saudi Billionaire Prince Alwaleed, Former Ministers Detained in Corruption Probe

November 5th, 2017

What is this? Nipping a coup in the bud?

Via: Reuters:

One of Saudi Arabia’s most prominent businessmen and a former finance minister are among dozens detained in a probe by a new anti-corruption body, a senior Saudi official said on Sunday.

The official, who declined to be identified under briefing rules, said billionaire Prince Alwaleed bin Talal, who owns investment firm Kingdom Holding 4280.SE, and former finance minister Ibrahim al-Assaf had been detained.

Neither man nor Kingdom Holding officials could be reached immediately for comment. Aside from being one of the largest shareholders in Citigroup C.N, Kingdom owns stakes in Rupert Murdoch’s News Corp (NWSA.O) and microblogging site Twitter.

Saudi King Salman announced late on Saturday the creation of a new anti-corruption committee chaired by his son Crown Prince Mohammed bin Salman. Saudi-owned Al Arabiya television said the body had detained 11 princes, four current ministers and tens of former ministers.

7 Responses to “Saudi Billionaire Prince Alwaleed, Former Ministers Detained in Corruption Probe”

  1. dale Says:

    Maybe this is the coup. Crazy seems to be accelerating

  2. Dennis Says:

    FWIW, my Saudi friend says it’s a major clean up…The Saudi government is tightening its belt and these guys have been acting as if their portfolios and the country’s resources are part of their private fiefdoms.

  3. Dennis Says:


    Near Yemen border.

  4. Loveandlight Says:

    @Dennis: My understanding is this is at least partially a power-grab, because one branch of the ruling House of al-Saud is benefiting greatly from this purge at the expense of the two rival branches. I can’t help but wonder if the recent death of a high-ranking prince in a helicopter crash was some kind of assassination?

  5. Dennis Says:

    @Loveandlight: Yes…Killing two big birds with one stone, I imagine. BTW, are there any websites you’d care to point me to regarding SA political machinations?

  6. Loveandlight Says:

    @Dennis: Moon of Alabama blog-post about the Saudi “Night of the Long Knives”.

  7. Dennis Says:

    @Loveandlight: Ah! I chanced on that site once when travelling and couldn’t remember its name later. Thanks.

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