An arrest in Saudi Arabia could be felt as far as Silicon Valley and Wall Street - latimes
Finance, technology, hospitality, entertainment and real estate: Prince Alwaleed bin Talal has invested substantially and with great fanfare in all of them, as befits his status as one of the world’s richest men.
He is also believed to be under arrest in his native Saudi Arabia, ensnared in an anti-corruption dragnet that also pulled in 10 other Saudi princes, four sitting Cabinet members and “tens” of former Cabinet members.
The arrests, viewed as the latest move by Saudi Arabia’s young crown prince to cement his hold on power by eliminating potential rivals for the throne, sent shock waves through the kingdom and international business circles, even though such high-profile individuals have been seen for decades as operating above the law.
No names were officially announced. But they reportedly include Prince Alwaleed, a billionaire investor with major stakes in top-name Western companies, and two of the late King Abdullah’s sons.
rince Alwaleed is one of the top shareholders in banking giant Citigroup. He has big stakes in Twitter, Apple, Motorola and Lyft. He owns 45% of Four Seasons Hotels & Resorts and has a substantial interest in Disneyland Paris. He’s funded some of the world’s largest real estate developments, including Canary Wharf in London and Jeddah Tower in Saudi Arabia, soon to be the tallest building in the world.
After his reported arrest Saturday, questions now circle about what it will mean for the future of his business holdings in the U.S. and elsewhere. - More
An arrest in Saudi Arabia could be felt as far as Silicon Valley and Wall Street
posted by Fakhria @ 11/05/2017
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