In a shocking development, Saudi press Al Mayadeen reported late on Saturday that prominent billionaire, member of the royal Saudi family, and one of the biggest shareholders of Citi, News Corp. and Twitter – not to mention frequent CNBC guest – Al-Waleed bin Talal, along with ten senior princes, and some 38 ministers, has been arrested for corruption and money laundering charges on orders from the new anti-corruption committee headed by Crown Prince Mohammed bin Salman, while Royal princes’ private planes have been grounded.
Among those fired and/or arrested are the head of National Royal Guards, Miteb Bin Abdullah, the Minister of Economy and Planning, Adel Fakeih, and Admiral Abdullah bin Sultan bin Mohammed Al-Sultan, the Commander of the Saudi Naval Forces.
As the local press further adds, the supreme committee chaired by Crown Prince and billionaire stops “on charges of money laundering.”
al-Waleed bin Talal is perhaps best known not only for his periodic CNBC appearances, but for his recurring on and off spats with president Trump:
According to al Arabiya, among those sacked and/or arrested are Moteib Bin Abdullah, Minister of the National Guard, and Prince Khalid bin Ayyaf has been appointed as his replacement. A second Royal Order was issued to relieve Minister of Economy and Planning, Adel al-Faqieh, from his duties, and the appointment of Mohammed Al Tuwaijri as Minister of Economy and Planning.
According to a Royal Decree issued by King Salman on Saturday the anti-corruption committee is chaired by the Crown Prince with the membership of: Chairman…Read More