Saudi billionaire Prince Alwaleed bin Talal released from detention

Saudi billionaire Prince Alwaleed released from detention

Saudi Arabian billionaire Prince Alwaleed bin Talal was released from detention on Saturday, family sources said, more than two months after he was taken into custody in the kingdom’s sweeping crackdown on corruption.

Saudi officials could not immediately be reached for comment and the terms of his release were not immediately clear.

Prince Alwaleed had been confined at the Ritz-Carlton since early November.

In his first interview since he was taken into custody in November, Prince Alwaleed told that he was continuing to maintain his innocence of any corruption in talks with authorities 

He said he expected to keep full control of his global investment firm Kingdom Holding Co without being required to give up assets to the government.

Allegations against Prince Alwaleed, who is in his early 60s, included money laundering, bribery and extorting officials, a Saudi official told Reuters in early November.

In his first interview since he was taken into custody, conducted hours before his release, Prince Alwaleed told Reuters that he was continuing to maintain his innocence of any corruption in talks with authorities.

He said he expected to keep full control of his global investment firm Kingdom Holding Co without being required to give up assets to the government.

The release of Prince Alwaleed, whose net worth has been estimated by Forbes magazine at $17 billion, is likely to reassure investors in his global business empire as well as in the Saudi economy broadly.

Directly or indirectly through Kingdom Holding, he holds stakes in firms such as Twitter Inc and Citigroup Inc, and has invested in top hotels including the George V in Paris and the Plaza in New York.

He described his confinement as a misunderstanding and said he supports reform efforts by the crown prince.

“There are no charges. There are just some discussions between me and the government,” he said in the interview. “I believe we are on the verge of finishing everything within days.”