Saudi corruption probe: Settlements expected to reach $100 billion

AN ANTI-corruption sting led by a Crown Prince is set to pull in billons of dollars for this ultra-conservative kingdom.

SAUDI Arabia’s state coffers are set to receive a $124 billion boost with dozens of high-profile figures caught up in a corruption purge paying a high price for freedom.

About 95 ministers, businessman and members of the Royal family remain detained at the glizty Ritz-Carlton, which has served a makeshift prison following the anti-corruption purge took last November.

One official cited by Bloomberg said authorities were hoping to finish talks with suspects as part of the probe by the end of this month.

However, those who don’t reach a settlement deal will face prosecutors.

The Saudi Government now looks set to reap the massive windfall from compensation payments, it has emerged.

Attorney-General Sheikh Saud Al Mojeb said charges were due to be dropped against 90 of those held in the hotel.

Saudi Arabia’s Ritz-Carlton will reopen next month after royals and government officials were detained here as part of an anti-corruption purge. Picture: Giuseppe Cacace/AFP

He said those who expressed remorse and agreed to settle will have criminal proceedings against them dropped.

The Attorney-General also confirmed most of those detained had struck monetary settlements in exchange for their freedom and the settlements could boost state coffers by $US100 billion.

Saudi daily Okaz, which has ties to the monarchy, also quoted an unnamed source as saying a number of high-profile detainees had been released from the Ritz-Carlton over the past 48 hours “after reaching settlements”.

Riyadh’s palatial Ritz-Carlton morphed into a makeshift prison after the kingdom's unprecedented crackdown on the coddled elite. Picture: Picture: Giuseppe Cacace/AFP

KINGDOM SHAKE-UP

Saudi Arabia’s Crown Prince Mohammed bin Salman, the 32-year-old son of the king, reportedly spearheaded the unprecedented crackdown on corruption among members of the government and royal family.

Saudi Arabia, a key regional ally of the United States, is in the midst of a massive political and economic shake-up, marked by the sudden appointment of the Crown Prince last June.

Some observers have speculated the corruption crackdown is part of the consolidation of power under the prince, who sidelined his older cousin as heir to the throne, and is linked to rising tensions within the Al-Saud royal family.

While the Saudi dynasty counts thousands of members, only a handful of whom wield direct influence over the kingdom.

Authorities insist the purge aimed to target endemic corruption as Saudi Arabia seeks to diversify its oil-dependent economy.

The Ritz-Carlton Hotel boasts chandelier-studded ballrooms and has hosted some of the world’s most high-profile guests. Picture: Picture: Giuseppe Cacace/AFP

‘OPEN FOR BUSINESS’

News of the probe winding up comes as the glamorous Riyadh hotel gets read to reopen for business.

A source told AFP there were “preparations to open in February” but could not provide further details.

The Ritz-Carlton website now lists rooms as available from February 14 and a hotel employee confirmed bookings were available as of this date.

The Ritz-Carlton's booking sheet shows it has availability from February 14.

Asked why there were no bookings currently available, the employee said local authorities “had the whole hotel (booked) for them”.

The hotel has been closed for business and its phone line disconnected since early November, when more than 200 princes, ministers and businessmen were rounded in the scandal.

Hotel guests were reportedly booted from their rooms to make room for those accused of corruption.

Most of those detained at the luxury resort have had their assets seized and accounts frozen while the probe took place.

Hundreds have been detained at the luxury hotel following the anti-corruption purge held last month. Picture: Jacquelyn Martin, Pool/AP

BILLIONAIRE TAKEDOWN

High-ranking detainees held in the Saudi probe are believed to be currently occupying many of the hotel’s 492 rooms.

Saudi royals and dignitaries were all targeted by Crown Prince Mohammed bin Salman’s anti-corruption committee.

The scandal engulfed some of the country’s well-known figures including Prince Alwaleed bin Talal whose US$10 billion fortune makes him the 10th richest man on the planet.

Dubbed the Warren Buffett of Saudi Arabia, he was one of 11 princes caught up in the purge.

Construction tycoon Bakr Bin Laden, billionaire Saleh Kamal and Waleed al-Ibrahim, owner of the influential Arab satellite network MBC, were also caught up in the scandal.

Saudi tycoon Prince Alwaleed bin Talal was among the royals caught up in the scandal.

FIVE STAR ‘PRISON’

The resort describes itself as “among the most majestic five-star hotels in Saudi Arabia” and boasts 52 acres of “lavishly landscaped gardens, fine dining and 62,000 square feet (almost 6000 square metres) of elegant event space”.

It also boasts a “Gentlemen’s-only spa offering signature rituals and treatments catering to business travellers”.

With its gilt halls and ornate gates, the Ritz-Carlton had for years hosted dignitaries and heads of state visiting Saudi Arabia, the world’s largest exporter of oil.

In May it was adorned with the red, white and blue flag of the United States, with President Donald Trump and his family residing at the hotel during his first official visit abroad.

Former president Barack Obama had also stayed at the five-star hotel, which boasts luxury spa treatments and gourmet dining.

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US President Donald Trump met with Crown Prince Mohammed bin Salman in Washington last year. Picture: Evan Vucci/AP