FxWirePro: Saudi corruption crackdown yields $107 billion

In November, Saudi Arabia’s crown prince Mohammad bin-Salman, who replaced his elder cousin Mohammad bin-Nayef to become next in line to the throne after his father King Salman by a royal decree further tightened his grip on power as the newly formed anti-corruption committee arrested scores of princes, senior officials, incumbent ministers, and businessmen in a corruption crackdown. The anti-corruption committee was being led by the Crown Prince himself.

The people arrested included big names like Prince Alwaleed bin Talal, who is one of the richest men on the planet with stakes in western media as well as in western companies like Citigroup, Apple, 21st century Fox, Twitter and many other well-known companies. He was widely considered as the face of Saudi Arabia’s business community and his arrest sparked a wide range of concerns among foreign investors. According to Forbes, his net worth was estimated at $17 billion.

Later, reports came out that Saudi authorities are offering cash and assets settlements against the release of those who were arrested. Earlier this week, Prince Talal was reportedly released, though the settlements amount wasn’t disclosed.

Now, according to Saudi Arabia’s attorney general Sheikh Saud Al Mojeb, the total settlements over the crackdown on corruption have reached almost 400 billion Riyal or $106.7 billion. The money is likely to help fund Prince Salman’s ‘Saudi 2030 vision’, which aims to diversify the country’s reliance on hydrocarbons and expand export products. It is not clear if the probe is finished or the amount is likely to move higher.