Skip to comments.Saudi elite start handing over funds in corruption crackdown
Posted on 11/24/2017 12:18:56 PM PST by RoosterRedux
Saudi princes and businessmen rounded up in a corruption crackdown have begun handing over funds and assets to pay for their freedom, two people briefed on the process say.
Several billions of dollars had already been handed over to the government, one of them said, as Crown Prince Mohammed bin Salman seeks to recover at least $100bn through the crackdown.
More than 200 people, including some of Saudi Arabias richest businessmen, have been detained at the Ritz-Carlton hotel in Riyadh since an anti-graft operation was launched this month. The Financial Times revealed that the authorities are negotiating settlements under which the detainees can secure their release if they hand over assets and funds in some case up to 70 per cent of their holdings.
Prince Mohammed has brought in western investigators to work alongside finance ministry officials as they sift through reams of documents to determine the amount of alleged corruption and the size of the penalty a detainee must pay.
The authorities are focusing their efforts on deposits held by banks and asset managers. Bankers in Riyadh say they have been told to stay at their desks for hours to wait for the arrival of regulators to inspect accounts.
Foreign bankers had also been brought in for questioning, the people briefed on the investigations say.
They are piling up documents on the table, saying This is the evidence against you, said an adviser to one of the suspects. This will take years to resolve or you could just pay it back and be done.
(Excerpt) Read more at ft.com ...
Keep your eye on MbS. Interesting character. Just 32. Wants peace with Israel, wants to reform Islam.
Yep they get to pay a portion of there ill gotten gains. Then walk away with no criminal penalty. Then use what they have left to start the process all over again. No reason not to go back to there criminal activities.
I hope that he provides the fresh air that Saudi and Islam so desperately need.
God’s blessing on this world may come from a totally unexpected direction.
Will they be creating the two-level effect?
Was there a failed coup in Saudi?
Details please. Thanks
With a path running down the middle btween Yeb, W, and ze Ni!
As soon as they get free, they will begin plotting an end to the prince.
As soon as they get free, ...
western investigators to work alongside finance ministry officials as they sift through reams of documents to determine the amount of alleged corruption
I would think there is evidence of corruption with a multiple of US Government Officials, Obama and Clinton were pretty chummy with the Saudi’s
Las Vegas then Saudi Arabia - an important sequence of events. Not likely a coincidence.
I laughed at that too.
I would imagine what will be left over wont be much not that it will matter.
What happened here?
Trump should do this.
Arrest the democrats and rinos.
Then confiscate their bribe money.
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