Reuters is reporting that Prince Alwaleed bin Talal, detained since early November by Saudi Arabian authorities engaged in an anti-corruption drive, has made an offer of a “donation” to enable his freedom.
The government is reportedly asking for up to $6 billion.
However, the unnamed source told Reuters that the offer, made with a condition that there be no admission of blame or guilt, has been refused. News of the offer helped drive the share price in the prince’s Kingdom Holdings investment company by almost 10 per cent in trading on January 13th.
Prince Alwaleed’s media holdings include TV channels in the MENA region as well as stakes in Time Warner and Apple.
Numerous reports also say that the prince, along with about 60 other high-profile detainees, has been move from the relative comfort of the Ritz Carlton hotel in Riyadh to the maximum-security Al Ha’ir prison located some 25 miles south of Riyadh. The prison has space for 1100 inmates.