Riyadh – Mubasher: The plans for implementing the initial public offering (IPO) of Fawaz Alhokair Group’s subsidiary, Arabian Centres Mall, are postponed after the co-founder's bank accounts were frozen after Saudi Arabia started anti-corruption probe, informed sources on Sunday said.

“Before the probe, the group had planned to restart work on the IPO of its Arabian Centres mall unit,” Bloomberg reported, citing the sources as saying.

Bloomberg Billionaires Index stated that the value of Fawaz Abdulaziz Al Hokair Company amounted to $1.2 billion.

In February 2015, the group was close to appoint Morgan Stanley and Bank of America Corp. to lead manage Arabian Centres’ IPO.

On 5 November, Saudi king Salman bin Abdulaziz issued a decree to form an anti-corruption committee which aims to preserve the country’s public funds. The committee issued travel bans and froze bank accounts of the detained officials and princes.

The Kingdom started previosuly an anti-corruption crackdown and arrested a large number of officials, princes, and former and current ministers accusing them of corruption.