Trump Talks with King; Supports Crackdown on Rogue Saudi Element

Trump Talks with King; Supports Crackdown on Rogue Saudi Element

Among those being held is the billionaire owner of London's Savoy hotel who has invested in Twitter and Apple.

Also detained and under investigation is former Saudi finance minister Ibrahim al-Assaf, said the official, who declined to be identified under briefing rules.

Kingdom Holding's chief executive, listed on its website as Talal Ibrahim al-Maiman, has received the support of the government, and would continue to operate "business as usual", the investment firm said in a stock market statement.

The arrest of senior princes upends a longstanding tradition among the ruling Al Saud family to keep their disagreements private in an effort to show strength and unity in the face of Saudi Arabia's many tribes and factions. One of the world's richest men, Alwaleed has significant equity holdings in several US technology companies, as well as stakes in Saudi companies across the real estate, retail and petrochemical industries.

Prince Miteb bin Abdullah: The former head of the Saudi National Guard, which will now be headed by Prince Khalid bin Ayyaf al-Muqrin, was the most favoured son of the late King Abdullah.

Earlier this year, the king removed Prince Mohammed bin Nayef as head of the interior ministry, placing him under house arrest and extending the crown prince's influence over the interior ministry's troops, which act as a second armed force.

Saudi Crown Prince and Defense Minister Mohammed bin Salman in Moscow's Kremlin, Russia, May 30, 2017.




Shares in Kingdom Holding plunged 9.9 per cent on Sunday morning.

Saudi Arabia announced on Saturday that it established a "supreme committee" to investigate public corruption.

Kingdom Holding did not respond to requests for comment from The National.

In addition to locking down bank accounts, the Saudi government said it will seize any property linked to corruption charges.

The kingdom's top council of clerics was quick to throw its support behind the royal decree, tweeting shortly after the announcement: "Fighting corruption is an obligation in Islamic sharia [law], a requirement of national interest, and combating it is just as important as the fight against terrorism".

Hours before landing in Japan, the first stop of his 12-day Asia trip, the president tweeted his support for a USA stock listing for the world's largest oil company: "Would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange".

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