On Saturday, November 4, King Salman issued a Royal Decree creating an anti-corruption committee. This committee was chaired by the Crown Prince with the membership of the Chairman of the Monitoring and Investigation Commission, Chairman of the National Anti-Corruption Authority, Chief of the General Audit Bureau, Attorney General and Head of the State Security.
On order from the new committee, 11 princes, 4 sitting ministers, and ten formers minister were arrested on 4 November, Saturday evening. One of the famous personality and the most prominent member of Royal Family Prince Al Waleed Bin Talal was arrested among them. He is a well-known billionaire.[irp]
The news of his arrest came forward as a huge disaster because he is the biggest shareholder in many multinational companies. He has been a subject of numerous profiles and international publications. He is a very prominent investor in high profile companies like Apple, Citibank, and Twitter.
He made a huge investment in 21st-century fox. He invested in Trumps Plaza Hotel. These are just a few. Last month he talked to CNBC in an extensive interview from Riyadh. He talked about the massive upcoming Saudi Aramco IPO and his vast investment in shares of US cooperation.
Recently last month, he predicted facts about Bitcoin, he said that the Bitcoin is a fraud and shall soon explode. It was reported that Kingdom holding share price dropped on Sunday because its majority owner Prince Al Waleed was arrested.
The kingdom is holding 3,706 million shares among which shareholding of Prince Al Waleed is 95%. The shares of Kingdom holding were trading at a price of SR 10.28 before his arrest on Thursday. Sunday morning when the news of his arrest went viral, the share price dropped to SR 9.50 and right now it is SR 9.00.
In this way, Prince Al Waleed bin Talal who owns around 3,521 million shares of Kingdom Holding had to register a loss of SR 4.5 billion ($1.2 billion) for the drop in market value of the share.
On Sunday 5th of November, the shares in the investment firm dropped by 9.9% – close to the maximum 10 percent allowed on one day – at the start of trading on the Tadawul Exchange in Riyadh. This was despite company’s announcement that it made a profit of SR247.5 million ($66 million) in the third quarter.
Prince Al Waleed Bin Talal is listed by Forbes as the richest Arab with $ 18.7 billion to his name as of March 2017. The Saudi television channel said this decision preserve Saudi Arabia investment climate.
No doubt, he was arrested in corruption crackdown which shows that everyone is equal in front of Justice System of Saudi Arabia.
Source: Arab News