Saudi authorities have released Prince Al-Waleed bin Talal from detention after nearly three months.
Through his Kingdom Holding Co, the prince owns interests in Twitter, Citigroup and a host of other companies.
Forbes estimated his wealth to be in the region of $17 billion.
Regarded as the richest man in the Middle East, Al-Waleed was placed under arrest with 349 other top Saudi princes and influential men in an effort to rid the nation of corruption.
The man were detained at the luxurious Ritz-Carlton Hotel in November 4 on the orders of 32-year-old Crown Prince Mohammed bin Salman, who is trying to diversify the oil-dependent nation’s economy.
The detainees were released as they agreed to pay “settlement” from their riches which are believed to have been corruptly acquired.
Al-Waleed is believed to have been released following a “settlement”, although the terms remain unclear, AFP reported.
However Al-Waleed has maintained his innocence.
One of the detainees, former National Guard chief Prince Miteb bin Abdullah, was earlier released after reportedly parting with “settlement” of over $1 billion.
Another detainee, Waleed al-Ibrahim, owner of influential Arab satellite network MBC, was released on Friday after reportedly turning over his stake in the network.
The country is expected to realise at least $100 billion from the campaign.
Leave a Reply