Saudi billionaire Prince Alwaleed released as corruption probe winds down

Saudi Arabian billionaire PrinceAlwaleed bin Talal was released from detention on Saturday,family sources said, more than two months after he was takeninto custody in the kingdom's sweeping crackdown on corruption.

His release came hours after he told Reuters in an interviewat Riyadh's opulent Ritz-Carlton hotel that he expected to becleared of any wrongdoing and be freed within days.

A senior Saudi official said Prince Alwaleed's release hadcome about after a financial settlement was reached with theattorney general.

"The attorney general has approved this morning thesettlement that was reached with Prince Alwaleed bin Talal, andthe prince returned home at 11:00 a.m.," the official toldReuters, without giving details on the terms.

But the decision to free him, and the release of severalother well-known tycoons on Friday, suggested the main part ofthe corruption probe was winding down after it sent shockwavesthrough Saudi Arabia's business and political establishment.

Confined to luxury hotel since November

Prince Alwaleed had been confined at the Ritz-Carlton sinceearly November, along with dozens of other senior officials andbusinessmen, part of Crown Prince Mohammed bin Salman's plan toreform oil superpower Saudi Arabia and consolidate his power.

Earlier this week the attorney general said 90 detainees hadbeen released after having their charges dropped, while othershad traded cash, real estate and other assets for their freedom.Authorities were still holding 95 people, he said. Some areexpected to be put on trial.

On Friday, an official Saudi source said several prominentbusinessmen have reached financial settlements with authorities,including Waleed al-Ibrahim, owner of regional televisionnetwork MBC, who was released. Terms of his settlement were notrevealed.

Saudi authorities have said they expect to raise some $100billion for the government through such settlements - a hugewindfall for the state, which has seen its finances squeezed bylow oil prices.

Maintaining innocence

Allegations against Prince Alwaleed, who is in his early60s, included money laundering, bribery and extorting officials,a Saudi official told Reuters in November.

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

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He said he expected to keep full control of his globalinvestment firm Kingdom Holding Co. without beingrequired to give up assets to the government.

The senior Saudi official, asked if the attorney general wasconvinced of the innocence of Prince Alwaleed, said:

"I will not negate or confirm what he says. Generally thisfalls back to those who concluded the settlement, and for surethere is no settlement unless there are violations and they arenot concluded without the accused admitting it in writing andpromising not to repeat it."

Will remain head of holding company

The source declined to give further details, but confirmedthat Prince Alwaleed would remain head of Kingdom Holding.

The release of Prince Alwaleed, whose net worth has beenestimated by Forbes magazine at $17 billion US, is likely toreassure investors in his global business empire as well as inthe Saudi economy broadly.

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

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

No charges, only 'some discussions'

"There are no charges. There are just some discussionsbetween me and the government," he said in the interview.

Prince Alwaleed appeared greyer and thinner than in his lastpublic appearance, a television interview in October, and hadgrown a beard while in detention.

"I have nothing to hide at all. I'm so comfortable, I'm sorelaxed. I shave here, like at home. My barber comes here. I'mlike at home, frankly speaking," he said.

He granted the 30-minute interview, including a tour of hissuite, partly to disprove rumours of mistreatment and of beingmoved from the hotel to a prison.

The prince said he was able to communicate with familymembers and executives at his business during his time indetention.

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Prince Alwaleed showed off the comforts of his gold-accentedprivate office, dining room and kitchen, which was fully stockedwith his preferred vegetarian meals.

In the corner of his office sat tennis shoes, which he saidhe used regularly for exercise. A television played businessnews programmes, and a mug with an image of his own face on itwas perched on the desk.

After being released, Prince Alwaleed said, he plans tocontinue living in Saudi Arabia and to return to the challengeof juggling his global business interests.

"I will not leave Saudi Arabia, for sure. This is mycountry."