Miteb, 65, son of the late King Abdullah and former head of the elite National Guard, was among 200 of royal family members, ministers and senior officials who were arrested in anti-corruption raids on the 4th of November.
He was released on Tuesday after reaching an acceptable settlement agreement.
According to an official, the amount of the settlement is believed to be the equivalent of more than $1 billion.
The official told Reuters, “the amount of the settlement was not disclosed but it is believed to be more than one billion US dollar equivalent.
“It is understood that the settlement included admitting corruption involving known cases.'
'At least three other people allegedly involved in corruption cases have also finalized settlement agreements, he added.
Miteb bin Abdullah, once seen as a leading contender to the throne was reportedly accused of embezzlement, hiring ghost employees and awarding contracts to his own firms including a $10 billion deal for walkie-talkies and bulletproof military gear worth billions of Saudi riyals.
It was also revealed that the Public Prosecutor had also decided to release a number of individuals and will prosecute at least 5 individuals, whose identities were not revealed.
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