Erik Schatzker: Why were you arrested in the first place?
Prince Alwaleed: Well, I would not use the word “arrested,” because we were invited to the king’s house and then asked to go to the Ritz-Carlton. So it was done with honor and dignity, and our prestige was maintained. Not only me; everybody else.
So the word “arrest” is fair to use for those who did commit a crime, admit their guilt?
Exactly. And reached a settlement with the government. But in my case, you know, it’s very much different.
So were there never any charges? Were you ever accused of anything?
There were no charges. Because I have a fiduciary responsibility to my shareholders in Kingdom Holding, to my friends in Saudi Arabia, and to the world community, because we have international investments all over the place, it’s very important to say that there was zero accusation and zero guilt.
You’ve described the whole ordeal as a misunderstanding. A misunderstanding over what?
When I say misunderstanding, it’s because I believe I shouldn’t have been there. Now that I’ve left, I would say that I’ve been vindicated. Yet I have to acknowledge to you, for the first time, that yes, we do have with the government a confirmed understanding, going forward.
What does that mean?
It is very confidential. I cannot get into that. But there is a confirmed understanding between the kingdom of Saudi Arabia and me personally.
Does that require you to do certain things?
Not necessarily. I cannot get into that, because it is confidential and secret between me and the government. But rest assured that this does not really handcuff me.
What did the government want from you?
I will not get into the discussions that took place between me and representatives of the government.
They must have wanted something.
I read what was written, that they wanted a chunk of A or B or C of what I have. This was all rumors.
According to one report, it was $6 billion.
I read $6 billion, I read more than that and less than that.
Did it cost you anything to leave? Did you have to pay the government any money, did you have to hand over any land, did you have to surrender any shares?
When I say it’s a confidential and secret agreement, an arrangement based on a confirmed understanding between me and the government of Saudi Arabia, you have to respect that.
I’m a Saudi citizen. But I’m also a member of the royal family. The king is my uncle. Mohammed bin Salman is my cousin. So my interest is in maintaining the relationship between us and keeping it unscratched.
You maintain your innocence. You say you didn’t sign a settlement acknowledging guilt and that you’re different.
We signed something, yes, a confirmed understanding. Some others may call it a settlement. I don’t call it a settlement, because settlement to me is an acknowledgment you’ve done something wrong.