RIYADH – Saudi Prince Alwaleed bin Talal, the chairman of Kingdom Holdingwho spent nearly three months in detention in the kingdom’s anti-corruptioncampaign, told Bloomberg TV he had reached an agreement with the governmentfor his release.
The prince declined to disclose the details of his “confirmedunderstanding” with authorities in the interview, which aired on Tuesday,but said it was easy to verify that he still held a 95% stake in his globalinvestment firm.
“When I say it is a confidential and secret agreement, an arrangement thatis based on a confirmed understanding between me and government of SaudiArabia, I have to respect that,” he said. The process with the governmentwas ongoing, he said.
The prince also said he was in talks with the country’s emerging sovereignwealth fund about co-investments in domestic projects, and that KingdomHolding was looking at splitting its $13 billion of assets by spinning offsome holdings.
Prince Alwaleed, Saudi Arabia’s most recognised business figure, was freedon Jan. 27 after being held at Riyadh’s Ritz-Carlton, along with scores ofroyals, senior officials and businessmen, on the orders of Crown PrinceMohammed bin Salman.
Most detainees were released after reaching financial settlements thatnetted just over $100 billion for the state, the attorney general has said,without providing details.
In an interview at Riyadh’s Ritz-Carlton conducted hours before hisrelease, Prince Alwaleed told Reuters he maintained his innocence andexpected to keep full control of his firm.
A senior Saudi official would not confirm that claim but said anysettlements included an admission of guilt.
In the absence of more information, speculation has run rampant aboutwhether Prince Alwaleed secured his freedom by forfeiting part of hisfortune – estimated by Forbes magazine at $17 billion – or stood up toauthorities and won.
Prince Alwaleed told Bloomberg he would continue to invest in Saudi Arabiaand that he held no ill will towards his uncle King Salman and his cousinPrince Mohammed.
“It’s business as usual,” he said.