Senior Saudi prince freed in $1b settlement agreement

Senior Saudi Arabian prince Miteb bin Abdullah, once seen as a leading contender to the throne, has been freed after agreeing to pay over $1 billion to settle corruption allegations against him, a Saudi official said yesterday.

Miteb, 65, son of the late King Abdullah and former head of the elite National Guard, was among dozens of royal family members, high officials and senior businessmen rounded up this month in a crackdown on graft that has strengthened the power of Crown Prince Mohammed bin Salman.

Prince Miteb is the first senior figure known to be released among those detained. Around 200 people in total have been questioned in the crackdown, authorities said earlier this month.

The allegations, which include kickbacks, inflating government contracts, extortion and bribery, could not be independently verified.

Saudi authorities, who estimate they could eventually recover around $100 billion of illicit funds, have been working on reaching agreements with suspects detained at Riyadh's luxurious Ritz Carlton hotel, asking them to hand over assets and cash in return for their freedom.

Apart from Miteb, the Saudi official said that at least three other suspects had finalised settlement agreements. The prosecutor has decided to put at least five people on trial, the official said without disclosing their identities.

The fate of billionaire Prince Alwaleed bin Talal, chairman of investment firm Kingdom Holding and one of Saudi Arabia's most prominent international businessmen, was not known.