Global Geo-political Series: Saudi crackdown deepens with bank accounts and assets freeze

Earlier this week, 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 has further tightened his grip on power as the newly formed anti-corruption committee arrests 11 princes, several senior officials and incumbent ministers. The king had decreed the creation of a powerful new anti-corruption committee, headed by the crown prince, only hours before the committee ordered the arrests. At 32, the crown prince has already been the dominant voice in Saudi military, foreign, economic and social policies. 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 has sparked a wide range of concerns among foreign investors. According to Forbes, his net worth was estimated at $17 billion.

The reports are coming out suggesting deepening of the crackdown with assets and bank account freeze. Saudi authorities have frozen the bank accounts of the kingdom’s former crown prince, Mohammed bin Nayef, the latest royal targeted in a corruption crackdown carried out by a Saudi leadership seeking to consolidate power. Since the arrest that began over the weekend, Saudi authorities have expanded the crackdown, carrying out new arrests every day. As of Wednesday evening, around 1,800 bank accounts had been frozen in connection with the probe, according to people familiar with the matter.

Wall Street Journal reporting that the Saudi government is hoping to confiscate cash and other assets worth as much as $800 billion through the corruption investigation, according to people familiar with the matter.