Saudi arrests hailed as 'decisive' anti-graft sweep

Prominent billionaire Al-Waleed bin Talal was among the 11 princes arrested late on Saturday, reports said, immediately after a new anti-corruption commission headed by Crown Prince Mohammed bin Salman was established by royal decree.
Separately, the head of the Saudi National Guard, once a leading contender to the throne, as well as the navy chief and the economy minister were replaced in a series of high-profile sackings that sent shock waves through the kingdom.
The dramatic purge comes at a time of unprecedented social and economic transformation in Saudi Arabia, as Prince Mohammed steps up his reform drive for a post-oil era.
Saudi-owned Al Arabiya television reported that the princes, four current ministers and dozens of ex-ministers were arrested as the commission launched a probe into old cases such as floods that devastated the Red Sea city of Jeddah in 2009.
The state-run Saudi Press Agency (SPA) said the commission's goal was to "preserve public money, punish corrupt people and those who exploit their positions". 
Shares in Kingdom Holding, 95% of which is owned by Prince Al-Waleed, dived 9.9% as the Saudi stock exchange opened on Sunday after reports of his arrest.
The prince's office was not reachable for comment.
"With this (crackdown), the kingdom heralds a new era and policy of transparency, clarity and accountability," Saudi Finance Minister Mohammed al-Jadaan was quoted as saying by SPA.
"The decisive decisions will preserve the investment environment and boost trust in the rule of law."
The kingdom's top council of clerics also lauded the anti-corruption efforts as "important", essentially giving religious backing to the crackdown.
An aviation source told AFP that security forces had grounded private jets at airports, possibly to prevent high-profile figures from leaving the country.
The purge comes less than two weeks after Prince Mohammed welcomed thousands of global business leaders to Riyadh for an investment summit, showcasing his reform drive that has shaken up the kingdom.
It follows a wave of arrests of influential clerics and activists in September as the 32-year-old prince, often known as MBS, cements his grip on power.
The latest purge saw Prince Miteb bin Abdullah sacked as the head of the National Guard, an elite internal security force. His removal consolidates the crown prince's control of the kingdom's security institutions.
In June, Prince Mohammed edged out a 58-year-old cousin, Prince Mohammed bin Nayef, to become heir to the throne.