WSJ: Saudi Arabia Pressing Prince Bin Talal to Fork out $6 Billion

Local Editor

Saudi authorities are demanding at least $6 billion from Saudi Prince al-Waleed bin Talal to free him from detention, people familiar with the matter said, potentially putting the global business empire of one of the world's richest men at risk.

According to the Wall Street Journal, the money reportedly requested that bin Talal would bite deeply into his global business empire. The prince is trying to persuade the government to instead accept a large share in his company while still leaving him in charge, the Journal's sources said.

"Keeping [the empire] under his control, that's his battle," one person said.

The sources also suggested that Waleed bin Talal was not giving up without a fight.

"He wants a proper investigation. It is expected that al-Waleed will give MBS a hard time," another said, referring to the crown prince by his initials.

Salah Al-Hejailan, a lawyer who maintains contact with al-Waleed's family, meanwhile, said that "there are no formal accusations" against the prince, and that the prosecutor would only open a judicial case against him if no understanding is reached.

Mohammed bin Salman, the Saudi crown prince, who has attempted to portray the whole process as an "anti-corruption fight," has meanwhile been splurging money abroad himself.

Saudi clan lives lavish life amid austerity
A report says the Saudi dynasty continues its opulent lifestyle, despite the deepening economic crisis in the country.

Earlier in the month, it was reported that bin Salman had used a "proxy" to buy Leonardo da Vinci's painting the Salvator Mundi, which sold for a record $450 million at auction, and a yacht for $500 million.

Source: News Agencies, Edited by website team