Some of Saudi Arabia’s powerful figures detained in November 2017 in an anti-corruption purge have been released after repayment settlements.

Some of Saudi Arabia’s powerful figures detained in November 2017 in an anti-corruption purge have been released after repayment settlements.
More than 200 princes, politicians, and wealthy businessmen were detained by Saudi Arabia in the posh Ritz Carlton hotel in Riyadh, in a crack down on corruption since November 2017.
 
The anti corruption purge which saw some of the richest and most powerful men in Saudi Arabia detained including over 200 princes, politicians, and wealthy businessmen has led to many paying substantial financial settlements with others such as Prince Miteb bin Abdullah, who was released at the end of November 2017, paying over US$1bn (£750m).
 
Saudi Arabia’s young Prince Mohammed bin Salman’s anti-corruption drive is seen by some as an attempt to remove opponents and consolidate his power over the rich Saudi Arabian empire.
 
Saudi Arabia’s attorney general said at least $100bn (£76bn) had been lost through misuse through systemic corruption and embezzlement over past decades.
 
These current detentions of the super rich individuals and resultant settlements are the Saudi Arabian state attempts to recover the corruptly amassed funds from the individuals.
 
The majority of the detainees are under guard at the posh Ritz Carlton but those who fail to reach settlements before the hotel reopens for Valentine’s Day in mid-February will face imprisonment to await trial.
 
The billionaire Prince Alwaleed bin Talal, is one of the highest-profile detainees and one of Saudi Arabia’s richest individuals. More news to follow. By Sibusiso Ngwenya.
photo yahoo finance- A file picture shows the lobby of the Ritz-Carlton Hotel in Riyadh, where Saudi elites have been held since being arrested in an anti-corruption purge in November (AFP Photo/GIUSEPPE CACACE)

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