Creating new perspectives since 2009

Report: Saudi billionaire Al-Waleed Bin Talal refuses settlement with Crown Prince

December 18, 2017 at 4:22 am

Saudi Prince Al-Waleed bin Talal [Prince Alwaleed Bin Talal Alsaud/Facebook]

Saudi renowned billionaire, Prince Al-Waleed Bin Talal is reported to have rejected a settlement with the Saudi authorities in return for his freedom.

The Financial Times reported two sources briefed on the investigations as saying that the prince intends to fight the allegations against him in court he even hired lawyers.

The Saudi prince was arrested last month along with more than 200 people including members of the royal family and senior officials in the largest anti-corruption purge in the Kingdom’s history.

However, many princes are reported to have reached a financial settlement in exchange for their freedom.

Read More: Billions ‘wiped off’ Al-Waleed’s fortune following his arrest

Saudi Arabia wants to secure at least $100 billion in the purge to finance its budget deficit.

Al-Waleed’s domestic and foreign investments have been severely hit with his detention approaches its second month.

The paper said Al-Waleed has helped many financial and banking institutions over the years, most notably the US-bank Citigroup. “Now it is Prince Al-Waleed who is engulfed in a crisis following his detention last month as part of Riyadh’s anti-corruption crackdown. But, in his hour of need, nobody has publicly come to his aid as billions of dollars have been wiped off his fortune and the investment firm he founded, Kingdom Holding Company, has been plunged into uncertainty,” the paper added.

However, the paper reported a banker close to Al-Waleed, 62 as saying that the prince might resort to striking a deal with the Saudi authorities to secure his freedom, which would mean that he has to relinquish some of his fortune.