Saudi billionaire Prince Al-Waleed freed after 'settlement'

RIYADH: Saudi billionaire Prince Al-Waleed bin Talal was released on Saturday after nearly three months in detention following a "settlement" with authorities, as a sweeping anti-corruption campaign targeting the kingdom's elite winds down.

Prince Al-Waleed, dubbed the Warren Buffett of Saudi Arabia, was the most high-profile detainee among 350 suspects rounded up since November 4, including business tycoons and ministers, who were held in Riyadh's luxury Ritz-Carlton hotel.

The prince was released following an undisclosed financial agreement with the government, similar to deals that authorities struck with most other detainees in exchange for their freedom.

"The attorney general this morning approved the settlement with Prince Al-Waleed bin Talal," paving the way for his release, a government source told AFP without disclosing figures.

When asked whether the prince was still the head of his publicly listed Kingdom Holding Company, the source who asserted he was guilty of corruption replied: "For sure."

A business associate also confirmed to AFP that the tycoon had been released.

Neither the prince nor the Saudi information ministry was available for comment.

The prolonged detention of Prince Al-Waleed, ranked among the richest men in the world, had sent shock waves across a host of companies that count him as a major investor.

Kingdom Holding -- in which the prince has a 95 percent stake -- owns The Savoy in London, the Fairmont Plaza and the famed George V hotel in Paris.

The prince, who Forbes estimates is worth $18.7 billion, has also invested in Lyft and Twitter.