(Reuters) Prince Alwaleed, a nephew of the king and owner of investment firm Kingdom Holding 4280.SE, invests in firms such as Citigroup (C.N) and Twitter (TWTR.N). He was among 11 princes, four ministers and tens of former ministers detained, three senior officials told Reuters on Sunday.
The purge against the kingdom’s political and business elite also targeted the head of the National Guard Prince Miteb bin Abdullah who was detained and replaced as minister of the powerful National Guard by Prince Khaled bin Ayyaf.
News of the purge came early on Sunday after King Salman decreed the creation of an anti-corruption committee chaired by Crown Prince Mohammed bin Salman, his 32-year-old favorite son who has amassed power since rising from obscurity three years ago.
The new body was given broad powers to investigate cases, issue arrest warrants and travel restrictions, and seize assets.
“The homeland will not exist unless corruption is uprooted and the corrupt are held accountable,” the royal decree said.
Analysts say the arrests were another pre-emptive measure by the crown prince to remove powerful figures as he exerts control over the world’s leading oil exporter.
The round-up recalls the palace coup in June through which he ousted his elder cousin, Mohammed bin Nayef, as heir to the throne and interior minister.
MbS, as he is known, was expected to follow at least by removing Prince Miteb from leadership of the National Guard, a pivotal power-base rooted in the kingdom’s tribes.
Over the past year MbS has become the ultimate decision-maker for the kingdom’s military, foreign, economic and social policies, causing resentment among parts of the Al Saud dynasty frustrated by his meteoric rise.
Saudi Arabia’s stock index .TASI was dragged down briefly but recovered to close higher as some investors bet the crackdown could bolster reforms in the long run.
The royal decree said the arrests were in response to “exploitation by some of the weak souls who have put their own interests above the public interest, in order to, illicitly, accrue money.”
Read the full story here: Future Saudi king tightens grip on power with arrests including Prince Alwaleed