Saudi Arabia’s corruption crackdown risks scaring off investors:
"Mohammed bin Salman, the crown prince and de facto ruler of Saudi Arabia, electrified his country, the Middle East and the world some two years ago when he unveiled his “Vision 2030”. The aim was to transform the kingdom from a state-dominated economy almost wholly dependent on oil, to an innovative and private investment-driven powerhouse. The biggest Arab economy would come of age, along with its people, currently trapped between the medieval puritanism of the Wahhabi clerical establishment and the cradle-to-grave welfare patronage of the ruling House of Saud — which is no longer affordable anyway, given the collapse in oil prices.
The young crown prince, known colloquially as MbS, electrified once more in November with his astonishing purge of princes and financiers, ministers and tycoons, broadcasters and potentates. This was a round-up of the richest and most powerful in what was and is advertised as a blow against corruption so decisive as to change the culture of a kingdom almost inured to kickbacks, cosy contracts and sleaze.
Hundreds of detainees (exact figures are hard to come by in this bizarre affair) were held in the gilded cage of the Ritz-Carlton in Riyadh. Now, most seem to have cut deals with the authorities to cough up assets in return for their freedom. Some 95 are holding out, and are supposedly to be put on trial. As the Saudi attorney-general, Sheikh Saud al-Mojeb, put it: “The royal order was clear. Those who express remorse and agree to settle will have any criminal proceedings against them dropped.”"
'via Blog this'
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