Al Baraka Bank Egypt says the bank unaffected by Saudi Saleh Kamel’s arrest

Al Baraka Bank Egypt said Monday that the detention of Saudi billionaire Saleh Kamel in the Kingdom’s ongoing corruption crackdown has no impact the bank’s businesses in the country.

Saleh Kamel, a prominent investor in Egypt who owns around 73 percent of the parent bank Al Baraka Banking Group, was among the recent purge against the kingdom’s political and business elite. Kamel has a net worth $18.7 billion, according to Forbes estimates.

“No official information about media reports on detention of Saudi investors including Saleh Kamel, no impact on bank from ongoing events in the Kingdom,” the Egyptian unit of the Al Baraka Group said in a bourse filling on Monday.

Saudi Arabia’s future king has tightened this weekend his grip on power through an anti-corruption purge by arresting royals, ministers and investors including billionaire Prince Alwaleed bin Talal among 11 princes, four ministers and tens of former ministers detained.

News of the purge came soon after King Salman decreed late on Saturday the creation of an anti-corruption committee chaired by Crown Prince Mohammed bin Salman, his 32-year-old favorite son who has amassed power since rising from obscurity three years ago.

The purge against the kingdom’s political and business elite also targeted the head of the National Guard, Prince Miteb bin Abdullah, who was detained and replaced as minister of the powerful National Guard by Prince Khaled bin Ayyaf.

The allegations against Prince Alwaleed and other businessmen include money laundering, bribery, and extorting officials, while Prince Miteb is accused of embezzlement, hiring ghost employees and awarding contracts to his own companies including a $10 billion deal for walkie talkies and bulletproof military gear worth billions of Saudi riyals.