Prince Al-Waleed ‘forgives’ Ritz ordeal

RIYADH: Billionaire Saudi Prince Al-Waleed bin Talal says all is forgiven after his three-month detention in an anti-corruption crackdown, dismissing speculation he had forfeited control of his assets in exchange for his freedom.

The prince, dubbed the Warren Buffett of Saudi Arabia, was released from the now-notorious Ritz-Carlton hotel in early January after an undisclosed financial agreement with the government.

"I am not a person who is going to say I forgive but I don´t forget. I say I forgive and I forget at the same time," Prince Al-Waleed said in an interview with Bloomberg News published on Tuesday.

"It´s business as usual. We are going to continue investing in Saudi Arabia. I was born in Saudi Arabia, I will die in Saudi Arabia." The prince refused to divulge the terms of his release, which he described as a "confidential and secret agreement".

The agreement had, however, left him free to function normally with "zero guilt" and "zero conditions", he said. Al-Waleed was the most high-profile detainee among 350 suspects rounded up since November 4, including business tycoons and ministers, who were held in Riyadh´s luxury Ritz-Carlton.

The prolonged detention of Prince Al-Waleed, ranked among the richest men in the world, had sent shock waves across a host of companies that count him as a major investor. A Saudi official told AFP that the prince´s release came after a monetary settlement similar to deals that authorities struck with most other detainees in exchange for their freedom.

He revealed no figures. Attorney General Sheikh Saud al-Mojeb, however, has said that $107 billion has been recovered in the crackdown in various forms of assets handed over that included property, securities and cash. Al-Waleed also denied reports he had been tortured or subject to mistreatment behind bars. "I was never tortured," he said.

"Actually, I was given the best service. Doctors used to come twice a day. We had the best service, best food, best everything." The prince asserted that he was firmly in control of his Riyadh-listed Kingdom Holding company and was working with advisers, including Goldman Sachs, to find investments as large as $3 billion.