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Saudi Arabia seizes over $106bn in anti-graft drive

RIYADH, January 31, 2018

Saudi Arabia has generated more than $106.7 billion in financial settlements with officials and businessmen detained in its recent crackdown on corruption, media reports said.

Fifty-six of the 381 people called in for questioning since November 4 remained in custody, the kingdom's attorney general Sheikh Saud al-Mojeb was quoted as saying in a BBC report.

The others had been cleared or admitted guilt and handed over properties, cash, securities and other assets, he added.

Billionaire investor Prince Alwaleed bin Talal and Alwalid Al Ibrahim, owner of the Arab satellite television network MBC, were recently released from detention at the Ritz-Carlton Hotel in Riyadh, the report said.

“The estimated value of settlements currently stands at more than SR400 billion ($106 billion) represented in various types of assets, including real estate, commercial entities, securities, cash and other assets,” Sheikh Saud Al Mojeb was quoted as saying by Reuters.

The only settlement disclosed so far was a deal by senior prince Miteb bin Abdullah to pay more than $1 billion, the Reuters report quoted Saudi officials as saying.

Although officials said both Prince Alwaleed and Ibrahim reached financial settlements after admitting unspecified “violations”, Prince Alwaleed continued to insist publicly he was innocent, while MBC said Al Ibrahim had been fully exonerated, the report said.

Tags: Saudi | Alwaleed | Corruption | graft |

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