How did the 2017 anti-graft crackdown affect Prince Al-Waleed?

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The 2017 anti-graft crackdown led to Prince Al-Waleed's detention and a subsequent sale of a significant stake in his company.

Prince Al-Waleed bin Talal was detained in November 2017 as part of a sweeping anti-corruption campaign that ensnared over 300 prominent Saudi figures. He was held at the Riyadh Ritz-Carlton for nearly three months before his release in January 2018. Following his release, news emerged of an undisclosed financial settlement with authorities, and the prince has since agreed to sell a substantial portion of his company to a state-backed fund.
Detention and Release

The Saudi billionaire was among more than 300 individuals, including royals and businessmen, detained in the 2017 crackdown on alleged corruption. Prince Al-Waleed was held at the luxury Riyadh Ritz-Carlton hotel for approximately three months before being freed in January 2018. Upon his release, he described the experience as a misunderstanding that had been resolved.
Financial Settlement and Company Stake Sale

Following his detention, it was widely reported that Prince Al-Waleed had reached a financial settlement with the Saudi authorities in exchange for his freedom. More recently, he has moved to sell a 16.87 per cent stake in his company, Kingdom Holding Company, to the Public Investment Fund, which is chaired by Crown Prince Mohammed bin Salman. This stake comprises 625 million shares and is valued at approximately US$1.5 billion (RM6.5 billion).
Broader Context of the Crackdown

The 2017 anti-graft campaign was viewed by critics as a strategic move by Crown Prince Mohammed bin Salman to consolidate power, particularly as the Crown Prince had been named heir to the throne just a few months prior to the crackdown. The campaign significantly impacted the standing and financial operations of many prominent figures within the kingdom.

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How did the 2017 anti-graft crackdown affect Prince Al-Waleed?

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