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Saudi Arabia is poised to confiscate up to $100 billion of allegedly ill-gotten assets from princes, former government ministers and billionaire investors who were arrested in a sweeping anti-corruption operation this month.
The suspects, which include the kingdom’s wealthiest royal and a former head of the national guard, will likely be offered settlements in lieu of standing trial, reports Bloomberg, citing Saudi government officials.
Settlement - Talks - Amount - Money - Suspects
The settlement talks will focus on the amount of money the suspects have allegedly embezzled or otherwise acquired through corruption over a period of many years. While that amount is yet to be determined, authorities believe they will be able to seize between $50 and $100 billion from various bank and trading accounts.
The initiation of settlement negotiations is the latest phase in a government crackdown that has shaken the highest levels of Saudi society and added another element of uncertainty to an already unstable Mideast balance of power.
Month - Committee - Direction - Saudi - Crown
Earlier this month, an anti-corruption committee under the direction of Saudi Crown Prince Mohammed bin Salman detained 11 princes, along with other high-level officials, in a series of unexpected arrests. Saudi officials described the operation as part of the committee’s effort to root out graft in the famously corrupt kingdom, but the detentions also served to consolidate power in the hand of Bin Salman, who is next in line to assume the Saudi crown.
Among those arrested were Prince Miteb bin Abdullah, the powerful head of the Saudi National Guard,...
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