Monday 06th Nov 2017
Prince Alwaleed arrested for corruption in large scale purge of criminal activity in Saudi Arabia
Prince Alwaleed bin Talal has been arrested on suspicion of corruption, along with several other prominent members of the Saudi Royal family. Prince Alwaleed’s arrest has produced shock-waves across the investment community, the stock price of the Kingdom Holding Company has lost over 10% of it’s value in the days since his incarceration. The Prince also has shares in both Twitter and Apple, although the exact size of these investments have not been revealed by the Kingdom Holding Company.
Crown Prince Mohammed bin Salman has taken a strong stance against corruption and nepotism in the KSA, where contracts and deals are often done on the basis of connections and royal power. This latest move is both aimed at consolidating the future King’s power base, as well as a necessary step in rooting-out corruption to modernise and attract investment to the Kingdom.
The exact charges and possible penalties for his crimes are at this stage unknown. Insiders are speculating that the Prince may serve jail time but will face neither the lash nor execution for his crimes. Information has also been received that more arrests of corrupt officials and royal family members are likely to follow in the coming weeks .
Prince Alwaleed had an estimated net worth of approximately $17bn (£13bn) at the time of his arrrest, making him the 45th richest man in the world.