Riyadh receives $107bn from corruption crackdown

31 January 2018
Settlements include a variety of assets such as cash, real estate, securities and commercial entities

Riyadh has received an estimated SR400bn ($107bn) of settlements from the individuals accused of corruption and detained at the Ritz Carlton hotel in Riyadh.

The settlements include various assets including real estate, commercial entities, securities, and cash.

The attorney general also says that it has completed its investigations that involved the subpoena of 381 individuals. A significant number of these were called to testify to provide evidence. With investigations complete, the cases have been transferred to the Public Prosecution Office.

According to a statement on the official Saudi Press Agency, the public prosecutor has decided to release all individuals that either had charges against them dropped or agreed to settle. It will keep in custody individuals that have refused to settle.

On 27 January, one of the highest profile detainees, Prince Alwaleed bin Talal, was released from custody.

The prince, who is one of the world’s richest businessmen, is one of the most high-profile figures to have been detained in Saudi Arabia since early November, when a crackdown on corruption was launched that involved the arrest and detention of princes at the Ritz Carlton Hotel in Riyadh.

According to a report by Reuters, Prince Alwaleed was freed after he reached a financial settlement with the attorney general. “The attorney general has approved this morning the settlement that was reached with Prince Alwaleed bin Talal, and the prince returned home at 11am,” an official told the news agency.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.