KSA may redeem SAR 3tn via anti-corruption probe – Sources

KSA may redeem SAR 3tn via anti-corruption probe – Sources
KSA may redeem SAR 3tn via anti-corruption probe – Sources

Riyadh – Mubasher: The Saudi government forecasted to redeem SAR 3 trillion ($800 billion) through the anti-corruption crackdown which the authorities launched previously, The Wall Street Journal on Wednesday reported, citing sources as saying.

Most of the money that are related to the arrested persons are abroad which seems difficult to redeem them, whereas the amount which is in the Kingdom’s banks will help the Saudi authorities to enhance the country's economy, the sources added.

Assets and money which are seized during the crackdown and proven that it comes from corruption will be put under the country’s control and added to the kingdom’s public treasury, the Saudi Ministry of Culture and Information stated previously.

On Saturday, the Saudi government arrested 11 princes, and several former and current ministers.

An anti-corruption committee which is chaired by Crown Prince, Mohammad bin Salman, was formed under a royal decree by King Salman bin Abdulaziz and issued the arrests.

The committee was formed to preserve the country’s public money, issue travel bans, and freeze bank accounts.

The arrested persons included Alwaleed bin Talal, who has investments and companies that cover a wide range of sectors across the world, bin Talal is the chairman of Kingdom Holding Company (KHC), and has investments in Citigroup, News Corp, and Twitter.

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Source: Mubasher

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