Saudi Arabia has seized more than US$124 billion in corruption purge
Saudi Arabia’s government has arranged to seize more than US$124 billion (FJ$248.80bln) through financial settlements with businessmen and officials detained in its crackdown on corruption, the Attorney-General says. The announcement appeared to represent a political victory for Crown Prince Mohammed bin Salman, who launched the purge last November and predicted at the time it would net about US$100 bln (FJ200.65bln) in settlements.
Dozens of top officials and businessmen were detained in the crackdown, many of them confined and interrogated at Riyadh’s opulent Ritz-Carlton Hotel.
Well over 100 detainees are believed to have been released.
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. “The estimated value of settlements currently stands at more than 400bln riyals (FJ$264.85 bln) represented in various types of assets, including real estate, commercial entities, securities, cash and other assets,” Sheikh Saud Al Mojeb said in a statement.
The huge sum, if it is successfully recovered, would be a big financial boost for the government, which has seen its finances strained by low oil prices.
The state budget deficit this year is projected at $195bln riyals (US$128.4bln).
In total, the investigation subpoenaed 381 people, some of whom testified or provided evidence, Mr Mojeb said, adding that 56 people had not reached settlements and were still in custody, down from 95 early last week.
The only settlement disclosed so far was a deal by senior prince Miteb bin Abdullah to pay more than $US1 billion, according to Saudi officials.