Saudi billionaire prince honoured by Malta, detained in palace corruption probe

One of Saudi Arabia’s most prominent businessmen and a former finance minister are among dozens detained in a probe by a new anti-corruption body, a senior Saudi official said on Sunday.

Billionaire Prince Alwaleed bin Talal, who owns investment firm Kingdom Holding, and former finance minister Ibrahim al-Assaf were detained.

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.

Alwaleed bin Talal, 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, Twitter and many other well-known companies. The prince also controls satellite television networks watched across the Arab world.

in 2014, he was made Honorary Companion of the National Order of Merit by the Maltese government "for his good intentions to carry out charity work." Described as the most influential Arab businessman and the richest Arab in the world, Al-Waleed has carried out philantropic work in 83 countries and was reportedly "showing keen interest in helping Malta", according to government statements at the time.

The sweeping campaign of arrests appears to be the latest move to consolidate the power of Crown Prince Mohammed bin Salman, the favourite son 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.

Prince Mohammed, who has pledged to go after graft at the highest levels, will head a new anti-corruption body, which was given broad powers to investigate cases, issue arrest warrants and travel restrictions, and freeze assets.

It is not the first time that a recipient of Malta's national honours list lands himself in trouble: in 2011, the ex-governor of Sicily Salvatore Cuffaro was jailed for seven years after losing a final appeal against a mafia conviction. Cuffaro was given the Maltese honour in January 2004, a year after investigations into his criminal activities had already started.