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Prince Alwaleed's arrest: How future Saudi king is tightening grip on power

Prince Alwaleed's arrest: How future Saudi king is tightening grip on power on Business Standard. Analysts said the purge aimed to go beyond corruption and aimed to remove potential opposition to Prince Mohammed's ambitious reform agenda<br>

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Prince Alwaleed's arrest: How future Saudi king is tightening grip on power

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  1. Prince Alwaleed's arrest: How Prince Alwaleed's arrest: How future Saudi king is tightening future Saudi king is tightening grip on power grip on power Analysts said the purge aimed to go beyond corruption and aimed to remove potential opposition to Prince Mohammed's ambitious reform agenda

  2. Saudi Arabia's future king has tightened his grip on power through an Saudi Arabia's future king has tightened his grip on power through an anti-corruption purge by arresting royals, ministers and investors anti-corruption purge by arresting royals, ministers and investors including billionaire Alwaleed bin Talal who is one of the kingdom's including billionaire Alwaleed bin Talal who is one of the kingdom's most prominent businessmen. most prominent businessmen. Saudi Prince Arrest Saudi Prince ArrestAlwaleed, a nephew of the king and owner of Alwaleed, a nephew of the king and owner of investment firm Kingdom Holding, invests in firms such as Citigroup and investment firm Kingdom Holding, invests in firms such as Citigroup and Twitter. He was among 11 princes, four ministers and tens of former Twitter. He was among 11 princes, four ministers and tens of former ministers detained, three senior officials told Reuters on Sunday. ministers detained, three senior officials told Reuters on Sunday. The purge against the kingdom's political and business elite also The purge against the kingdom's political and business elite also targeted the head of the National Guard Prince Miteb bin Abdullah, who targeted the head of the National Guard Prince Miteb bin Abdullah, who was detained and replaced as minister of the powerful National Guard was detained and replaced as minister of the powerful National Guard by Prince Khaled bin Ayyaf. by Prince Khaled bin Ayyaf. The allegations against Prince Alwaleed include money laundering, The allegations against Prince Alwaleed include money laundering, bribery and extorting officials, one official told Reuters, while Prince bribery and extorting officials, one official told Reuters, while Prince Miteb is accused of embezzlement, hiring ghost employees and awarding Miteb is accused of embezzlement, hiring ghost employees and awarding contracts to his own companies including a $10 billion deal for walkie- contracts to his own companies including a $10 billion deal for walkie- talkies and bulletproof military gear worth billions of Saudi riyals. talkies and bulletproof military gear worth billions of Saudi riyals. News of the purge came soon after King Salman decreed late on News of the purge came soon after King Salman decreed late on Saturday the creation of an anti-corruption committee chaired by Crown Saturday the creation of an anti-corruption committee chaired by Crown Prince Mohammed bin Salman, his 32-year-old favourite son who has Prince Mohammed bin Salman, his 32-year-old favourite son who has amassed power since rising from obscurity three years ago. amassed power since rising from obscurity three years ago. Read More Read More

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