Saudi prince Miteb freed in USD 1 billion settlement agreement: Official

DUBAI: Senior Saudi Prince Miteb bin Abdullah, once seen as a leading contender to the throne, was freed after reaching an "acceptable settlement agreement" with authorities paying more than $1 billion, a Saudi official said on Wednesday.

Miteb, who was head of the elite National Guard, was among dozens of royal family members, ministers and current and former senior officials who were rounded up in a graft inquiry at least partly aimed at strengthening the power of Crown Prince Mohammed bin Salman.

The official, who is involved in the anti-corruption campaign, said Prince Miteb was released on Tuesday after reaching "an acceptable settlement agreement". 

"The amount of the settlement was not disclosed but it is believed to be more than one billion US dollar equivalent," the official said. 

"It is understood that the settlement included admitting corruption involving known cases," the official said.

At least three other people allegedly involved in corruption cases have also finalised settlement agreements, the official told Reuters, adding that the Public Prosecutor had also decided to release a number of individuals and to prosecute at least 5 individuals. The official gave no details on their identities.