CHECKING into Riyadh’s Ritz-Carlton usually costs about $300 per night. Checking out could cost the current guests billions. This month the Saudi authorities commandeered the hotel to serve as a gilded prison for more than 200 princes, ministers and businessmen held in an anti-corruption sweep. Though the kingdom has not released a list of suspects, some big names have been leaked. Among them are Prince Alwaleed bin Talal, a billionaire investor; Khaled al-Tuwaijri, the former head of the royal court; and Waleed al-Ibrahim, the chairman of the region’s largest satellite broadcaster. The arrests were engineered by King Salman and his son, Muhammad, the young crown prince.
Some of the suspects could soon buy their way to freedom. A new anti-corruption committee, led by Prince Muhammad, is offering release in exchange for a portion of their assets. Officials hope to recover at least $50bn this way. That figure may be too optimistic, and represents only a fraction of what graft has cost the kingdom. Still, it would boost a government...Continue reading
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