Saudi authorities have reportedly demanded at least US$6 billion from Saudi Prince Alwaleed to be released from detention in Riyadh, according to the Wall Street Journal, citing sources familiar with the matter.
The high-profile prince, a major stakeholder in Four Season Hotels and Resorts, as well as trophy hotel assets like The Savoy, was among multiple royals arrested last month in what has been termed a corruption crackdown. He is reportedly fighting the government’s demand hoping to save his fortune, while fearing handing over the money would be seen as an admission of guilt, according to the report.
With an estimated net worth of US$19 billion, Alwaleed is reportedly negotiating to surrender a large piece of his Kingdom Holding Co. in lieu of the money.
The crackdown led by Crown Prince Mohammed bin Salman, who in many circles is soon expected to become king of the Kingdom, is expected to net tens of billions of dollars from settlements reached with those arrested.