Plaza Hotel Owner

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Minority owner of the Plaza released from detention in Saudi Arabia The terms of his release remain unclear, though he retains control of his company

From left: Saudi Arabia s Crown Prince Mohamm上海同城对对碰交友社区

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ed bin Salman, Prince Alwaleed bin Talal and New York s Plaza Hotel. (Credit: Air Force Senior Master Sgt. Adrian Cadiz and Getty Images)

Prominent Saudi businessman, Prince Alwaleed bin Talal, has been releas爱上海同城对对碰

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ed from detention in Riyadh.

Prince Alwaleed, who is a minority owner of the Plaza Hotel and has various other stakes in Western companies ranging from Lyft and Twitter to hotel chains, was detained in November last year in a corruption crackdown ordered by Saudi Arabia s Crown Prince Mohammed bin Salman, who has been leading a series of reforms and changes in the country since ascending to power.

Prince Alwaleed, who was worth as estimated $17 billion at the time, was accused of money laundering, bribery and extortion and detained in the capital s Ritz-Carlton hotel along with about 200 others.

Subsequent to his detention, Prince Alwaleed s company, Kingdom Holding, saw its share vales plummet more than 20 percent, amounting in a $2.2 billion loss for the prince s net worth, according to the New York Times. The stock has since rebounded to about half of上海贵族宝贝论坛

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its pre-detention value.

As of last week, reports from Bloomberg indicated detainees were beginning to be released as the hotel resumed taking reservations. However, Prince Alwaleed s release was still under negotiation with reports alleging control of his company could be in the balanc阿爱上海同城

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e. The Wall Street Journal reported Saudi officials demanded $6 billion; officials reported recovering $100 billion from all detainees.

While the precise terms of the prince s release today are unclear, a Saudi official confirmed Kingdom Holding remains in Prince Alwaleed s control. The official also told Reuters a financial settlement was reached after the prince admitted to undisclosed violations. Hours before his release, the prince maintained his innocence to Reuters新上海贵族宝贝论坛

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and said he was remaining in the hotel voluntarily.[NYT] Erin Hudson

Tags: Commercial Real Estate, Plaza Hotel, prince alwaleed bin talal
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