The Latest: Stock of detained Saudi billionaire’s firm drops


The Latest: Stock of detained Saudi billionaire's firm drops

The Associated Press
FILE – In this July, 23, 2017 file photo, Saudi Crown Prince Mohammed bin Salman poses while meeting with Turkey's President Recep Tayyip Erdogan in Jiddah, Saudi Arabia. Saudi Arabia's King Salman on Saturday, Nov. 11 2017, removed a prominent prince who headed the National Guard, replaced the economy minister and announced the creation of a new anti-corruption committee. (Presidency Press Service/Pool Photo via AP, File)

The Latest on Saudi Arabia, where dozens of princes and former ministers have been arrested as authorities announce an anti-corruption drive (all times local):

11:10 a.m.

Shares of an investment company owned by a Saudi billionaire detained in a massive sweep in Riyadh have dropped 10 percent in trading on the kingdom's stock market.

Prince Alwaleed bin Talal, the head of Kingdom Holding Co., is among the 11 princes and 38 former government ministers, deputies and businessmen now detained in Riyadh.

Kingdom Holding's drop on the Tadawul stock exchange comes as it announced its third-quarter earnings Sunday morning. It said it had profits of 247.5 million riyals ($66 million), compared to a loss of 345.9 million riyals ($92 million) in the previous period last year.

The company said in a filing its earnings rose on an "increase in hotels and other operating revenues in addition to increase in dividends income."


10:15 a.m.

A Saudi government official with close ties to security says 11 princes and 38 former government ministers, deputies and businessmen are being held in five-star hotels across the capital, Riyadh, in an anti-corruption sweep.

The official spoke to The Associated Press on condition of anonymity because he was not authorized to speak to the press.

The AP earlier reported that among those detained is Saudi billionaire Prince Alwaleed bin Talal. Reports say some of the detainees are being held at the Ritz-Carlton in Riyadh.

A royal court official, Badr al-Asaker, on Sunday appeared to confirm the arrests on Twitter, describing a "historic and black night against the corrupt."

— Aya Batrawy and Abdullah al-Shihri

9:15 a.m.

Saudi billionaire Prince Alwaleed bin Talal has been detained in a large anti-corruption sweep targeting dozens of senior princes and government ministers.

A high-level employee of the King Holding Company, which Prince Alwaleed chairs, told The Associated Press that the royal had been among those detained overnight Saturday. The employee spoke on condition of anonymity due to fear of repercussions.

Prince Alwaleed is one of the Middle East's richest people, with investments in Twitter, Apple, Rupert Murdoch's News Corporation, Citigroup, the Four Seasons hotel chains and most recently in ride sharing service Lyft.

He's also known for being among the most outspoken Saudi royals, long advocating for greater women's rights. He is also majority owner of the popular Rotana Group of Arabic channels.

The government has so far only announced that an anti-corruption probe was launched, with state-linked media reporting that dozens of princes and ministers were detained without releasing their names.

— Aya Batrawy and Abdullah al-Shihri

8 a.m.

Saudi Arabia has reportedly arrested 11 princes and dozens of former government ministers as it announces a new anti-corruption campaign, further cementing King Salman and his crown prince son's control of the kingdom.

The arrests late Saturday, as well as the king's removal of a prominent prince in charge of the National Guard, came as Lebanon's prime minister, a close Saudi ally, announced his own resignation from the Saudi capital only hours earlier.

The moves further shake up Saudi Arabia and the greater Middle East as regional conflicts still rage around the kingdom. Shiite rebels in Yemen, the target of a 2 ? year Saudi-led military campaign, fired a ballistic missile toward Riyadh's international airport on Saturday night.

The Saudi-owned Al-Arabiya satellite news channel reported the arrests late Saturday of 11 princes and dozens of former ministers.

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