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Saturday, 25 November 2017

Saudi elite start handing over funds in corruption crackdown

Saudi elite start handing over funds in corruption crackdown:

"Saudi princes and businessmen rounded up in a corruption crackdown have begun handing over funds and assets to pay for their freedom, two people briefed on the process say. Several billions of dollars had already been handed over to the government, one of them said, as Crown Prince Mohammed bin Salman seeks to recover at least $100bn through the crackdown. More than 200 people, including some of Saudi Arabia’s richest businessmen, have been detained at the Ritz-Carlton hotel in Riyadh since an anti-graft operation was launched this month. The Financial Times revealed that the authorities are negotiating settlements under which the detainees can secure their release if they hand over assets and funds — in some case up to 70 per cent of their holdings."

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