Saudi Arabia completes first stage of its anti-corruption campaign

MENA

Published: 2017-12-06 16:35

Last Updated: 2017-12-06 16:35


The first stage of the anti-corruption campaign is officially over
The first stage of the anti-corruption campaign is officially over
Roya News Source

Saudi Arabia has just completed its first stage of the anti-corruption campaign, which was launched earlier in November, according the the Minister of Commerce and Investment, Majid al-Qasabi.

The campaign was able to recoup billions of dollars, which will be invested in big development projects to fulfil Saudi’s needs, reported the Middle East Monitor.

Claiming an attack on corruption, Crown Prince Mohammed bin Salman had ordered the detention of public figures and princes, and the freezing of more than 2,000 bank accounts.

Later in November, Saudi officials demanded that the arrested princes and businessmen hand over some of their corporate assets and cash (70% of each detainee’s assets) in exchange for their freedom, according to the Financial Times (FT).

Prince Miteb Bin Abdulaziz Al Saud, one of the detainees, was reportedly released last week after pledging to pay $1 billion.

A special bank account was opened to pay the detainees’ money into, al-Qasabi said during a visit to Washington, where around $50-$100 billion are expected to be received.

It is 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.