Saudi Arabia Arrests 11 Princes Including A Billionaire
Saudi Arabia announced the arrest on Saturday night of the prominent
billionaire investor Prince Alwaleed bin Talal, plus at least 10 other
princes, four ministers and tens of former ministers.
The announcement of the arrests was made over Al Arabiya, the
Saudi-owned satellite network whose broadcasts are officially approved.
Prince Alwaleed’s arrest is sure to send shock waves both through the
Kingdom and the world’s major financial centers.
He controls the investment firm Kingdom Holding and is one of the
world’s richest men, with major stakes in News Corp, Time Warner,
Citigroup, Twitter, Apple, Motorola and many other well-known companies.
The prince also controls satellite television networks watched across
the Arab world.
The sweeping campaign of arrests appears to be the latest move to
consolidate the power of Crown Prince Mohammed bin Salman, the favorite
son and top adviser of King Salman.
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