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SAUDI ARABIA ......Arrests Billionaire Prince Bin Talal in Latest corruption crackdown

Saudi Prince Alwaleed bin Talal.



Saudi Arabia's Prince Alwaleed Bin Talal, a prominent member of the country's royal family and a wealthy investor, has been arrested in a sweping anti-corruption initiative aimed at improving Saudi business environment.

Fireinthebone gathered that Saudi Arabia's King Salman removed a host of prominent officials in a sweeping crackdown, in which dozens of princes and former ministers were detained. News outlets, including Saudi-owned Al Arabiya and The Wall Street Journal, reported Bin Talal was among those arrested. 

The move is seen by observers as a careful move by the King to clear the way for his son, the Crown Prince Mohammed bin Salman, to take over as the King.  It would also be the most dramatic chapter in the evolving narrative of Bin Salman, who has steadily consolidated his authority since his elevation to Defense Minister in early 2015.

The arrest of the richest Arab, considered one of the most prominent members of the Saudi royal family, Bin Talal has been the subject of numerous profiles in U.S. and international publications. He has made numerous appearances on CNBC dispensing investment advice — the latest being last month when he opined that bitcoin will go the way of Enron in America.  He said the bubble called Bitcoin will soon "implode"

The anti-corruption sweep is taking place against a backdrop of reform in Saudi Arabia, and the impending launch of an initial public offering for state-owned oil giant Saudi Aramco next year. The IPO is expected to be the largest in history, and Aramco is widely expected to dual-list shares on an international exchange.

The arrest of the prince is sequel to the creation of  an anti-corruption committee in the Kingdom.  An American-educated philanthropist and investor who is heavily invested in U.S. corporate giants like Citigroup, Apple, 21st Century Fox and Twitter, just to name a few. He also has stake in real estates properties in the United States


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