Bahrain Mirror: The UK-based Financial Times reported that Saudi authorities are negotiating settlements with the detained princes and businessmen to appropriate as much as 70 per cent of their wealth.

The daily newspaper noted that people close to the negotiations said that some of the suspects, many of whom detained at the Ritz-Carlton hotel in the Saudi capital Riyadh since last week, "are keen to secure their release by signing over cash and corporate assets".

"One multi-billionaire businessman held at the Ritz has been told to hand over 70 per cent of his wealth to the state as a punishment for decades of involvement in allegedly corrupt business transactions," highlighted the FT, adding that "he is inclined to pay, one of his advisers said, but details of the mechanics of returning assets and cash have yet to be hammered out."

The international daily further pointed out that the "settlements for royals are likely to also include pledges of loyalty to Prince Mohammed," noting that Saudi officials did not comment on the matter.

Families of detained suspects have started to hire consultants to assist efforts to secure their relatives' release and to ringfence the damage to their business interests.

Arabic Version