Saudi authorities demand $6 billion from Prince Al Waleed to be released from detention

The Wall Street Journal is reporting that Prince Al Alwaleed is in talks with the government about giving up a significant portion of his Kingdom Holding Co.

Prince Alwaleed bin Talal, detained since early November in a corruption probe, faces a demand from Saudi Arabian authorities of at least $6 billion to win his freedom, the Wall Street Journal reported. According to several sources bin Talal and the others are also being tortured. One report says he’s been hung upside down and beaten. Those stories gained a level of credence earlier this week when another prince, Miteb bin Abdullah, paid a reported $1 billion for his freedom.

The price being demanded is among the highest sought for those who have been arrested, the newspaper reported, citing people familiar with the matter.

Alwaleed, 62, is the 57th-richest person in the world, with an $18 billion fortune according to the Bloomberg Billionaires Index. He is known internationally for investments in companies including Citigroup Inc., Apple Inc. and Twitter Inc.

The Journal reported that Alwaleed is talking with the government about accepting as payment for his release a large piece of his conglomerate, Kingdom Holding Co. Kingdom Holeding is listed on the Saudi stock exchange and has a market value of almost $9 billion.
Read also Why Saudi Prince bin Talal’s ‘friends’ have abandoned him

Prince Al Waleed