Saudi Arabia Recovers $107 Billion in ‘Crackdown on Corruption’


Saudi Arabia Recovers $107 Billion in ‘Crackdown on Corruption’
Saudi Arabia Recovers $107 Billion in ‘Crackdown on Corruption’

The Saudi anti-corruption commission headed by Crown Prince Mohammed Bin Salman has concluded its mission and recovered about 400 billion riyals ($107 billion) including cash, real estate, companies, and securities.

The commission, which was established in 2017, settled cases with 87 individuals after calling a total of 381 people to testify, according to a royal court statement carried by the Saudi Press Agency late on Wednesday. It referred 56 people to prosecution and rejected settlements with eight individuals.

Dozens of royal family members and business leaders were rounded up and detained at the Ritz Carlton hotel in Riyadh for about three months during a purge that sent shock waves through business circles inside and outside the kingdom. The palatial hotel reopened for the public in February last year.

The list of royals and businessmen who were jailed during what the authorities called a “crackdown on corruption” included Saudi billionaire Prince Alwaleed bin Talal who was released after signing a “confirmed understanding” and Saudi-Ethiopian billionaire Mohammed Al Amoudi who was released on Jan. 27.

Bloomberg


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