Arrested Saudi royals offered freedom in exchange for their money: Financial Times

MENA

Published: 2017-11-19 12:33

Last Updated: 2024-04-14 05:16


(Forbes Middle East)
(Forbes Middle East)

Negotiations are still ongoing between Saudi officials and the prominent figures detained on charges of corruption in Riyadh.

The officials are demanding that the arrested princes and businessmen hand over some of their corporate assets and cash in exchange for their freedom, according to Financial Times (FT).

Saudi Arabia’s Crown Prince, Mohammed Bin Salman, is asking the Riyadh Ritz-Carlton residents for 70% of their wealth, the FT reported.

Dozens of Saudi Arabian senior officials and businessmen were detained earlier this month as part of the Kingdom’s anti-corruption drive, and to strengthen the power of the Crown Prince.

However, it was widely suspected that Bin Salman’s anti-corruption purge was part of a strategy to raise funds for the country, which has grappled with a recession triggered by prolonged low oil prices, the Middle East Monitor reported.