Saudi corruption purge: Middle East state confiscates more than $100BN in major crackdown
SAUDI Arabia’s government has ordered the seizure of more than $100billion through financial settlements as businessmen and officials have been detained in its crackdown on corruption, according to the Attorney-General Sheikh Saud al-Mojeb.
Crown Prince Mohammed bin Salman and billionaire Prince Alwaleed bin Talal who was arrested
Around 380 people have been summoned as part of the investigation, including businessmen, current and former government ministers and 11 princes who were questioned at Riyadh’s Ritz-Carlton Hotel.
Crown Prince Mohammed bin Salman launched the anti-corruption purge last November.
The huge sum of money would be a financial boost for the government, which has had its finances strained by oil prices.
The Economy Minister Mohammed al-Tuwaijri has revealed that most assets seized are illiquid
The estimated value of settlements currently stands at more than 400 billion riyals ($106 billion)
The Saudi Arabian Attorney General said on Tuesday that 56 corruption suspects remained in custody out of the 381 high profile figures detained on graft allegations.
Billionaire Prince Alwaleed bin Talal, owner of global investor Kingdom Holding, and Waleed al-Ibrahim, who controls influential regional broadcaster MBC, were freed last weekend.
Sheikh Saud Al Mojeb said in a statement: “The estimated value of settlements currently stands at more than 400 billion riyals ($106 billion) represented in various types of assets, including real estate, commercial entities, securities, cash and other assets.”
Previously the investigation involved courts summoning and questioning 381 people, some of whom provided evidence.
Saudi Arabia officials are hoping to crack down on corruption through the purge
The only settlement disclosed so far was a deal by senior prince Miteb bin Abdullah to pay more than $1.24 million according to Saudi officials.
The Economy Minister Mohammed al-Tuwaijri has revealed that most assets seized in the purge were real estate and assets that are difficult to convert quickly into cash.
Saudi Arabia cracks down on ministers and princes overspending
Bankers in the Gulf said the crackdown had unsettled businesses and could affect the number of people willing to invest in the country.
One banker who deals with Saudi Arabia said to Reuters: “It's reassuring if this situation is finally at an end, as the process was not clear from the start and at least if it is now ended, that provides some clarity and closure.”