Authorities of Saudi Arabia will withdraw $ 800 billion of assets from the accused of corruption
2017 November 08 ( Wednesday ) 16:09:53
Baku/08.11.17/Turan: Saudi Arabia authorities are going to confiscate assets and funds for a total of up to $800 billion in the campaign against corruption, The Wall Street Journal reports. According to the newspaper, last weekend, more than 60 people were detained, including princes, officials and other influential Saudis. The detainees are accused of money laundering, abuse of power, bribery, embezzlement of state funds and extortion of money from officials. The central bank of Saudi Arabia froze bank accounts of the corruption scandal's figures.
The assets confiscated from corrupt people will become the property of the state, the source asserts. According to him, the Saudi authorities intend to raise in this way up to 3 trillion rials (about 800 billion dollars). "They believe that they can get from these people from 2 to 3 trillion rials," the source said.
According to the WSJ, a significant part of these funds is abroad, which will complicate attempts to return them. However, even a part of this amount can correct the financial situation of Saudi Arabia, the article says. The newspaper notes: "the long period of low oil prices forced the government to borrow funds on the international securities market, and also to use funds from the gold and foreign exchange reserves."
On the night of November 5, the High Committee to Combat Corruption under the leadership of Crown Prince Mohammed bin Salman bin Abdul Aziz Al Saud decided to detain 11 princes and about 30 former and current ministers and businessmen on charges of corruption. The new body was formed by the decree of the Saudi monarch Salman bin Abdul Aziz Al Saud, who announced a large-scale campaign against corruption. -02D-