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US agency: Ibn Salman wants more than billions of bin Talal
"More than billions," an American agency said, putting pressure on Saudi businessman Prince Alwaleed bin Talal.
The purge campaign launched by Saudi Crown Prince Prince Mohammed bin Salman is not mostly aimed at obtaining funds, which the defendants have earned from corruption and money laundering, the Bloomberg news agency reported.
The defense of the purge campaign seems to be clearer, especially with regard to the famous billionaire and the richest man in the Middle East, Prince Alwaleed bin Talal.
The Saudi authorities, particularly with Prince Alwaleed bin Talal, are seeking to limit their activities in the kingdom after a major trading empire could form a pressure sheet on the authorities.
Bloomberg quoted sources familiar with the crisis as saying that during those crucial few months, Ibn Salman is seeking to curtail any risk source within his authority, which makes him particularly intransigent with Prince Alwaleed bin Talal.
The sources pointed out that Prince Alwaleed is still rejecting and insisting in his refusal to give up control of Kingdom Holding Company.
"Prince Alwaleed is resisting any suggestion that could even affect his reputation or image, and he strongly defends his innocence. He rejects all attempts to give up his biggest share in his business group in the kingdom and other international companies," the sources said.
Emily Hawthorne, a Middle East and North Africa specialist at Stratfor, a US consultancy, said: "The Alwaleed case will be a compass for Western investors for a crackdown on business."
"The longer a newborn stays behind closed doors for longer periods, the more unreasonable it is for Western investors, especially as it will be described as an unacceptable policy of aggression."
As Paul Sullivan, a Middle East specialist at Georgetown University in Washington, said: "Prince Alwaleed is strong and has good relations, but I do not think things will end well with him because he is engaged in a fierce battle with a stronger class."
"The purge campaign in this way is tough, it uses old methods that have largely ended in global business practices," he said.
Bloomberg said that Kingdom Holding, or any of its current officials, declined to comment, while Saudi Arabia's official STC refused to comment or comment on the reports, citing Saudi laws protecting the individual's right to privacy.
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