Shares of Saudi prince's firm climb 10% after release
Stocks in Saudi billionaire Prince Alwaleed bin Talal's investment firm have increased after he was freed from detention following Riyadh regime’s so-called campaign against corruption.
The share price of Talal's Kingdom Holding Company surged the maximum allowed 10 percent at the start of the week's trading, returning to its level from before the prince's arrest some three months ago.
The firm regained some of the losses after its share price dropped sharply with the arrest of the prince, one of the world's wealthiest people with investments in several major firms.
Bin Talal was released on Saturday following an undisclosed financial agreement with the government.
The Saudi attorney general, Sheikh Saud al-Mojeb, said in December that the majority of high-profile figures detained in Saudi Arabia’s mass purge of royals and businessmen have agreed to monetary settlements in exchange for their freedom.
He added that most of the Saudi figures detained at Riyadh’s Ritz-Carlton hotel have agreed to a “settlement” or reimbursement of allegedly ill-gotten gains to the Saudi state treasury.
Last month, The Wall Street Journal reported that the authorities in Saudi Arabia were a whopping demanding $6 billion from bin Talal in return for his release.
The Saudi prince was the most high-profile detainee among 350 businessmen and royals rounded up in November 2017 in an alleged “anti-corruption campaign” spearheaded by Crown Prince Mohammed bin Salman.
Bin Talal was reportedly hung upside down and beaten at Ritz-Carlton Hotel in Riyadh, which was turned into a prison for the detained Saudi royals and businessmen.
Observers said the campaign was actually meant to consolidate bin Salman’s power and silence his critics.
Bin Talal’s detention and the ensuing reports regarding his situation in custody made headlines around the world, putting pressure on bin Salman, who was linked to pricey art and real estate purchases at the height of the “anti-graft” clampdown.
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