Saudi Arabia’s Prince Alwaleed bin Talal alongside 10 other princes and a number of Government Ministers and former Ministers have been arrested by Saudi’s new anti-corruption body, headed by Crown Prince Mohammed bin Salman.
The Finance Ministry said the new committee will enhance confidence in the rule of law, and also improve the climate for investment in the Kingdom.
Prince Alwaleed bin Talal, one of the richest men in the world, owns an investment of approximately $10 billion.
Prince Alwaleed’s net worth dropped by $750 million owing to his arrest. He also has investments in Twitter, Citigroup, the Four Seasons Hotel, Lyft and Apple.
The new anti-corruption Agency has the power to issue warrants, give travel ban freeze accounts and also track funds.
It also clampdown on son of late King Abdullah, Prince Miteb bin Abdullah bin Abdulaziz, Minister of National Guard, and Adel bin Mohammed Faqih, Minister of Economy and Planning as King Salman replaced the National guard and Navy chiefs.
Saudi Arabia’s Attorney General, Sheikh Saud al-Mojeb has added that the status of those arrested will not influence the firm and fair application of justice.
Meanwhile, the arrests of Princes, Ministers and the billionaire tycoon Prince Alwaleed bin Talal have shocked Saudis as they are not used to such changes.
The Crown Prince is largely popular, especially amongst young Saudis, but many older, more conservative citizens think he is moving too far too fast. He has started what seems to many as an unwinnable war in Yemen while still fighting the extremists of the so-called Islamic State. He has also backed a damaging boycott of Gulf neighbour, Qatar.
Among those detained are: Former Finance Minister Ibrahim al-Assaf, a board member of the Saudi Aramco oil company.
Economy Minister Adel Fakieh, Former Riyadh governor Prince Turki bin Abdullah, Former head of the royal court Khalid al-Tuwaijiri, Bakr bin Laden, chairman of the Saudi Bin ladin construction group, and brother of Osama bin Laden.