Saudi purge: Prince Miteb freed after $1 bn settlement, says official

Senior Saudi Prince Miteb bin Abdullah, once seen as a leading contender to the throne, was freed after reaching an “acceptable settlement agreement” with authorities paying more than $1 billion, a Saudi official said on Wednesday.

Miteb, 65, son of the late King Abdullah and former head of the elite National Guard, was among dozens of royal family members, ministers and senior officials who were rounded up in a graft inquiry partly aimed at strengthening the power of Crown Prince Mohammed bin Salman.

The official, who is involved in the anti-corruption campaign, said Miteb was released on Tuesday after reaching “an acceptable settlement agreement”. The amount of the settlement was not disclosed but the official said it is believed to be the equivalent of more than $1 billion.

“It is understood that the settlement included admitting corruption involving known cases,” the official said.

According to a Saudi official, Prince Miteb was accused of embezzlement, hiring ghost employees and awarding contracts to his own firms including a $10 billion deal for walkie-talkies and bulletproof military gear worth billions of Saudi riyals.

The allegations against the others included kickbacks, inflating government contracts, extortion and bribery.

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Saudi purge jolts markets; critics see power grab, many say it was overdue

All major Gulf stock markets slid on Tuesday on jitters about Saudi Arabia's sweeping anti-graft purge, a campaign seen by critics as a populist power grab but by ordinary Saudis as an overdue attack on the sleaze of a moneyed ultra-elite.

US President Donald Trump endorsed the crackdown, saying some of those arrested have been "milking" Saudi Arabia for years, but some Western officials expressed unease about the possible reaction in Riyadh's opaque tribal and royal politics.

Authorities detained dozens of top Saudis including billionaire Prince Alwaleed bin Talal in a move widely seen as an attempt by Crown Prince Mohammed bin Salman to neuter any opposition to his lightening ascent to the pinnacle of power.

Admirers see it as an assault on the endemic theft of public funds in the world's top oil exporter, an absolute monarchy where the state and the ruling family are intertwined.

"Corruption should have been fought a long time ago because it's corruption that delays society's development," Riyadh resident Hussein al-Dosari told Reuters.

"God willing, everything that happened ... is only the beginning of what is planned," said Faisal bin Ali, adding he wanted to see "correcting mistakes, correcting ministries and correcting any injustices against the general population."
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