Saudi anti-graft drive ends with $106 bn in settlements

Saudi Arabia’s attorney-general Saud al-Mojeb said on Tuesday the country’s anti-corruption campaign has resulted in more than $106 bn in settlements.

In a statement, the attorney-general said that the settlement represented a range of asset types including real estate, securities, cash and other assets. The total number of subpoenaed individuals has reached 381, with 65 remaining in custody as the so-called corruption probe nears its end.

Among those caught up in the crown prince’s surprise crackdown in November was the billionaire international investor Prince Alwaleed bin Talal. He and Alwalid al-Ibrahim, owner of the Arab satellite television network MBC, were released from detention at the Ritz-Carlton Hotel in Riyadh’s diplomatic quarter earlier last week. Interviewed by Reuters upon his release, prince Alwalid described his 3-month detention as “a misunderstanding.”

Prince Alwalid was one of 300 princes and businessmen detained on 4 November last year at the instigation of crown prince Mohammed bin Salman.

ABOUT THE AUTHOR
Christopher Copper-Ind
Christopher Copper-Ind is Editor of International Investment.

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