Saudi's Kingdom Holding says has support from government after chairman detained

King Salman

Saudi Arabia's heir to the throne Mohammed was overseeing an unprecedented wave of arrests of dozens of the country's most powerful princes, military officers, influential businessmen and government ministers.

The report added that commander of the Saudi navy Abdullah bin Sultan and the ministry of economy and planning, Adel bin Mohammed Faqih - both of whom were sacked on Saturday - were among those held for questioning. He was among 11 princes, four ministers and tens of former ministers detained, three senior officials told Reuters on Sunday. The crown prince now is King Salman's 32-year-old son.

With the two princes now sidelined, control of the kingdom's security apparatuses is now largely centralised under Crown Prince Mohammed bin Salman, who is also defence minister.

Other names listed were of businessmen, including Bakr bin Laden, chairman of Saudi Binladin Group, Alwaleed Al Ibrahim, owner of television network MBC, and Khalid Al Mulheim, former director general at Saudi Arabian Airlines.

Prince Alwaleed increased his stake in Citigroup at the height of the global financial crisis a decade ago and he has held on to the stake, saying as recently as last month that he was very happy with the investment.

"People will be looking at any kind of worldwide holdings of the people who have been arrested, to see what will be the impact".

Trump says NY attacker should be put to death
He added that the US justice system is "a joke and it's a laughingstock" because it doesn't move quickly enough. President Donald Trump speaks while meeting with members of his cabinet November 1, 2017 in Washington, DC.

Prince Alwaleed's investments, current and future, may now be in doubt after he was detained in an investigation by a new Saudi anti-corruption body.

Prince Alwaleed's father was the kingdom's finance minister during the 1960s.

In addition to locking down bank accounts, the Saudi government said it will seize any property linked to corruption charges.

Billionaire Prince Alwaleed bin Talal, who has extensive holdings in Western companies, was among those arrested, state news agencies reported.

Al-Arabiya reported that the committee is looking into devastating and deadly floods that overwhelmed parts of the city of Jeddah in 2009 and is investigating the Saudi government's response to the Middle East Respiratory Syndrome (MERS) virus that has killed several hundred people in the past few years.

President Trump has spoken with the king of Saudi Arabia to offer a wholehearted endorsement of a drive to modernize the kingdom, as the Saudi authorities arrested scores of prominent business people and ministers in a sweeping anti-corruption crackdown.

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