Saudi prince told to pay at least $6BILLION for release

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Saudi authorities tell jailed Saudi Prince al-Waleed bin Talal he'll have to pay at least $6BN for his freedom after arrest in anti-corruption round-up

Al-Waleed among dozens of royals detained in Riyadh's Ritz-Carlton last month
The prince, who is accused of corruption, is the 57th-richest person in the world
Royal could have to break up part of his $9bn conglomerate to pay for his release

By Rory Tingle For Mailonline

Published: 10:01 EDT, 23 December 2017 | Updated: 19:01 EDT, 23 December 2017

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Al-Waleed, 62, is the 57th-richest person in the world with an $18billion fortune, and is pictured here in an archive photo

Saudi authorities want at least $6billion from jailed Saudi Prince al-Waleed bin Talal to secure his freedom after he was arrested in a supposed anti-corruption purge.

This is the highest sum demanded so far by authorities in the Gulf state, and could involve handing over a large part of his conglomerate, Kingdom Holding Company, which has a market value of $9 billion.

Most of the princes detained at the five-star Ritz Carlton in Riyadh after being arrested in November have already paid large sums to secure their release.

Al-Waleed, 62, is the 57th-richest person in the world with an $18billion fortune, according to the Wall Street Journal, which quoted sources who said he is trying to strike a deal for his release.

Dozens of high-profile figures including princes, ministers and tycoons are still being held in the Ritz-Carlton now a makeshift luxury prison, in the biggest sweep of the kingdom's elite in its recent history.

Some 320 people were called in for questioning and 159 people are currently being detained, many of whom have agreed to a 'settlement', or handing over allegedly ill-gotten gains to the Saudi state treasury, attorney general Sheikh Saud al-Mojeb said.

'The necessary arrangements are being finalised to conclude such agreements,' Mojeb said in a statement.

The attorney general has previously said he estimates at least $100 billion has been lost in embezzlement or corruption over several decades.

His latest statement comes after Prince Miteb bin Abdullah, the former National Guard chief once seen as a contender to the throne, was released last week following a settlement reportedly exceeding $1 billion.

Some analysts saw Prince Miteb's removal as an attempt by Crown Prince Mohammed bin Salman, who is also Saudi defence minister, to consolidate his control over the security services.

But Saudi authorities insist the purge was meant solely to target endemic corruption as the kingdom seeks to diversify its oil-dependent economy.

In a recent interview to The New York Times, Prince Mohammed described as 'ludicrous' reports equating the crackdown to a power grab, saying that many of those detained at the opulent Ritz-Carlton had already pledged allegiance to him.

The attorney general said the bank accounts of 376 people have been frozen, all of whom are detained or linked to corruption allegations.

Saudi forces also grounded private jets at airports, possibly to prevent high-profile figures from leaving the country, an aviation source told AFP.

Dozens of princes, senior officials and businessmen, including cabinet ministers and billionaires, have been detained in a function room of the Ritz Carlton

The purge has triggered uncertainty among businesses that could lead to capital flight or derail reforms, experts say, at a time when the kingdom is seeking to attract badly needed investments to offset a protracted oil slump.

Other high-profile targets of the crackdown include billionaire Prince Al-Waleed bin Talal, dubbed the Warren Buffett of Saudi Arabia. The government has not commented on his current status.

The crackdown has exposed the kingdom's once-untouchable elite to rare public scrutiny - Saudis on social media have quipped that the Ritz-Carlton was not the worst place to be trapped.