Thursday, 13 May 2021 05:08 PM MYT
It was unclear whether the release of Bakr, a tycoon in his 70s once seen as a major powerbroker, was provisional as his movements are still curtailed, one of the sources said.His family is “overjoyed”, the second source said, adding they hoped his release was not a temporary goodwill gesture by the government towards the end of the Muslim holy month of Ramadan.
But their fortunes tanked following the ascent of Crown Prince Mohammed bin Salman, who has sought to remake the oil-reliant economy and dismantle top-down patronage networks that enriched a handful of elite families.Bakr and two other siblings, Saad and Saleh, were snared in a November 2017 purge that saw hundreds of royals, tycoons and government ministers locked up for months in Riyadh’s Ritz-Carlton hotel, then widely dubbed a five-star prison.
Most detainees, including Saad and Saleh, were subsequently released after opaque financial “settlements” with the government. He still holds “significant” assets outside the kingdom, and his associates are privy to damning secrets about payouts to royal family members, one of the sources said. But their so-called special relationship with the royal family changed when King Salman, MBS’s father, took the throne in 2015 following an oil price crash the previous year.
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