Saudi Arabia snatches $100 billion from Corruption scandal

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Saudi Arabia

Scribe: Samuel Otis

Email: samuel@thethinkering.com

 

The Saudi Arabian government is on the come up thanks to a $100 billion corruption seizure. Officials and businessmen have been detained in a large crackdown on wrongdoing. Crown Prince Mohammed bin Salman launched the redress attempt late last year and estimated a $100 billion take on settlements.

More than 100 people were arrested and released, with one of the biggest Billionaire Prince Alwaleed bin Talal, owner and controller of Global Investor Kingdom Holding and the regions biggest broadcaster MBC’s owner Waleed al-Ibrahim who were released last weekend.

Saudi officials said in a statement, “The estimated value of settlements currently stands at more than 400 billion riyals ($106 billion) represented in various types of assets, including real estate, commercial entities, securities, cash and other assets.”

Nearly 400 people were subpoenaed in the investigation and some provided evidence and others testified. 56 people still have not reached settlements and remain in custody.

The only settlement amount released was by senior prince Miteb bin Abdullah who was ordered to pay more than $1 billion.

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