JEDDAH: Saudi Arabia’s billionaire Prince Alwaleed bin Talal, detained forover two months in an anti-corruption crackdown, is negotiating a possiblesettlement with authorities but so far has not agreed on terms, a seniorSaudi official said.
Prince Alwaleed, whose net worth has been estimated by Forbes magazine at$17 billion, is chairman and owner of international investment firm KingdomHolding 4280.SE, and one of the country’s most prominent businessmen.
“He offered a certain figure but it doesn’t meet the figure required fromhim, and until today the attorney-general hasn’t approved it,” the officialsaid on condition of anonymity under government briefing rules.
A second source familiar with Prince Alwaleed’s case told Reuters onSaturday that the prince had offered to make a “donation” to the Saudigovernment, which would avoid any admission of wrongdoing, and to do sofrom assets of his own choosing. The government refused those terms, thesource said.
Kingdom Holding’s share price jumped as much as 9.8 per cent on Sunday inresponse to news of the negotiations, adding about $860 million to thecompany’s capitalization. The stock price was still 7 percent below itslevel just before Prince Alwaleed was detained.
Since early November Prince Alwaleed has been held, with dozens of othermembers of Saudi Arabia’s political and business elite detained in thecrackdown, in Riyadh’s opulent Ritz Carlton hotel as authorities seek toreach settlements with the detainees.
Saudi officials say they aim to claw back some $100 billion of funds thatrightfully belong to the state. Crown Prince Mohammed bin Salman, wholaunched the crackdown, has indicated he wants to close existing casesquickly and expects most suspects to cut a deal.
The allegations against Prince Alwaleed include money laundering, briberyand extorting officials, a Saudi official told Reuters soon after hisdetention. Neither he nor his company has commented publicly on the charges.
Kingdom Holding, which has said it is continuing to operate normally, didnot respond to requests for comment when asked about any settlement talks.
Construction giant Saudi Binladin Group said on Saturday that some of itsshareholders might transfer part of their holdings to the state in asettlement with authorities. Chairman Bakr Bin Laden and several familymembers were detained in the crackdown.
In late November, senior Saudi Prince Miteb bin Abdullah, once seen as aleading contender to the throne, was freed after reaching a settlement withauthorities that involved paying more than $1 billion, according to a Saudiofficial. – Agencies