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Saudi Arabia Arrests 11 Princes, Including Billionaire Alwaleed bin Talal Saudi Arabia announced the arrest on Saturday night of the prominent billionaire investor Prince Alwaleed bin Talal, plus at least 10 other princes, four ministers and tens of former ministers. The announcement of the arrests was made over Al Arabiya, the Saudi-owned satellite network whose broadcasts are officially approved. Prince Alwaleed’s arrest is sure to send shock waves both through the kingdom and the world’s major financial centers. He controls the investment firm Kingdom Holding and is one of the world’s richest men, owning or having owned major stakes in News Corp, Citigroup, Apple, Twitter and many other well-known companies. The prince also controls satellite television networks watched across the Arab world. The sweeping campaign of arrests appears to be the latest move to consolidate the power of Crown Prince Mohammed bin Salman, the favorite and top adviser of King Salman. At 32, the crown prince is already the dominant voice in Saudi military, foreign, economic and social policies, stirring murmurs of discontent in the royal family that he has amassed too much personal power, and at a remarkably young age. The king had decreed the creation of a powerful new anti-corruption committee, headed by the crown prince, only hours before the committee ordered the arrests. Photo inserted: 1. The prominent billionaire investor Prince Alwaleed bin Talal. 2. Crown Prince Mohammed bin Salman   Honesty is the best policy. |
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I can't be certain that this " crack down on corruption" is genuine and just or if it is a personal vendetta on behalf of the Saudi monarchy wrapped in the cloth of a "noble cause". I will reserve judgement for the moment.
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There is a prince already been shot dead due to resistance of arrest. I don't like the Crown Prince Mohammed bin Salman who is only 32 y/o and wanted to tighten his grip on power with arrests (purge). As you know in Arab, men can marry many wives and have many children. So, King has many brothers and sisters and they also have many children. That's why they have so many princes. The current King Salman favorite son is Crown Prince Mohammed bin Salman but he is too young. So, he used this arrests to purge other princes (adversaries) in the name of anti-corruption. I saw the Prince Alwaleed bin Talal on CNBC channel (financial - Wall Street) many times. I remember he appeared on CNBC in late 2008 or early 2009 when U.S. had a financial crisis due to the sub-prime interest loans (foreclosure, real estate bubble), the Citi Bank stock price was under $1. Prince Alwaleed bin Talal said he lost tremendous billions on Citi Bank stock investments. He said he didn't sell a share of his Citi holdings and buy even more. Later, Citi Bank CEO resigned. New Citi CEO decided to "reversal split" stock price of 10 shares became 1 share, so that the price became 10 times. However, the Citi stock price continued to plunge. It was a very difficult time for any financial institute, i.e. banks, investments, .... Prince Alwaleed bin Talal also appeared on CNBC in Nov 2014 talked about the oil price will be plunged for many years. Soon after, the old King died and succeeded by the current King Salmon. King Salmon followed his predecessor and let the oil prices continued to fall from $120+ to $43 on June 23, 2017. Normally when oil price plunge, the oil produce countries will reduce the production. (Supply vs Demand) But not in these 3 years. The most influenced by oil plunge countries are Saudi Arabia, Russia, and Venezuela. However, they didn't reduce production for 3 consecutive years. About 2 weeks ago, Prince Alwaleed bin Talal appeared on CNBC said the oil price will soar to $60 per barrel soon. He has very accurate prediction on oil prices. I am just a small investor but his oil price prediction is very useful. He is friendly in Western countries on his financial opinions. Honesty is the best policy.
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This news came as a surprise to me because I just saw this Prince Alwaleed bin Talal on CNBC channel about 10 days ago who talked about Twitter company and oil price could reach to $60 per barrel. Oil prices have been felling for more than 3 consecutive years from over $100 to $43 per barrel. He is NOT the Crown Price Mohammed bin Salman. Honesty is the best policy.
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