Prince Al-Waleed Bin Talal. Photo: Geo News

RIYADH: The Saudi Arabian authorities are demanding $6 billion from Prince Al-Waleed Bin Talal, in return for his release after he was arrested in an anti-corruption purge last month in Riyadh, according to a foreign media report.

The prince is the 57th richest man in the world, and was one of dozens of businessmen, detained last month in the capital?s Ritz Carlton hotel in a move led by the country?s crown prince Mohammad Bin Salman.

The fee demanded for Prince Al-Waleed is believed to be one of the highest.

Extortion, bribery and money laundering are allegations leveled against Prince Al-Waleed.

However, reportedly the prince has refused to pay any fee for his release, as he claim that paying the fee would amount to an admission of guilt.

A source close to the prince told The Wall Street Journal ?He wants a proper investigation. It is expected that al-Waleed will give [Prince Bin Salman] a hard time,?

In an interview with the New York Times last month, Prince Mohammad Bin Salman claimed that as many as 10 per cent of government funds had been lost to corruption each year since 1980.

He added that 95 per cent of those caught up in the corruption probe had agreed to such settlements, but said: ?About 1 per cent are able to prove they are clean and their case is dropped right there. About four percent say they are not corrupt and with their lawyers want to go to court.?