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corruption purge

Saudi corruption purge winds down but scars will linger

DUBAI: Saudi Arabia’s stock market celebrated the release of some of the kingdom’s top businessmen from detention on Sunday but the after-effects of a purge of the business elite may last for years, deterring private investment. Billionaire Prince Alwaleed bin Talal, head of global investment firm Kingdom Holding 4280.SE, was among at least half a dozen tycoons freed at the weekend after over two months of confinement in Riyadh’s Ritz-Carlton Hotel. Their release signaled a massive anti-corruption drive, in which…