Saudi Arabia to Set Up Entity for Assets Taken in Crackdown - Bloomberg

Saudi Arabia to Set Up Entity for Assets Taken in Crackdown - Bloomberg:

"Saudi Arabia is setting up an organization to manage assets relinquished by detainees as part of settlement agreements in the crackdown on corruption, according to people with knowledge of the matter.

The kingdom is talking to consultants about how to set up the entity, which will evaluate and potentially sell holdings handed over by billionaires and princes in exchange for their freedom, said the people, asking not to be identified because the matter is private.

Hani Halawani, head of direct investments at Sanabil Investments, part of the Public Investment Fund, will help run the organization, the people said. The government’s Center for International Communication didn’t respond to a request for comment. Halawani didn’t immediately respond to a request for comment."



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