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HomeEthiopian NewsSaudi Arabia freezing bank accounts of Al Amoudi and other detained billionaires

Saudi Arabia freezing bank accounts of Al Amoudi and other detained billionaires

Al Amoudi among detainees whose bank account in Saudi is frozen

Al Amoudi - billionaire - news
Al Amoudi

Ethiopian News
November 6,2017

Days after Saudi authorities mounted what is said to be unprecedented crackdown on corruption which led to the detainment of princes and businessmen including Ethiopian born billionaire Al Amoudi, Saudi Arabia’s attorney general reportedly said that banks are freezing accounts of detained business people.

The attorney general is quoted by Bloomberg as saying “…It was necessary to complete the first phase discreetly, in order to preserve the integrity of the legal proceedings and ensure there was no flight from justice…”

The trials are expected to start in a “timely and open manner” and the suspects are allowed to have “full access” to legal resources according to a statement which Bloomberg cited.

Two bankers who are said to have knowledge of developments in the central bank disclosed confidential information anonymously and that suspects back account have been already frozen.

Should the suspects are proved guilty “sums of money that appear to be linked to corruption cases will be reimbursed to the Saudi state’s General Treasury…” reported Saudi Gazette citing The Saudi Centre for International Communication.

It is not clear if the Saudi Government has plans to order asset and account freezes outside of the kingdom.

Alwaleed bin Talal,who is one of the richest persons in the world with net worth of over 17 Billion in 2017, is among the arrested princes.

A total of eleven princes and four ministers and other business people were arrested in the crackdown at the end of last week. Regarding the charges, Saudi Gazzete wrote ” Bribery, embezzlement, money laundering and abuse of power are among the charges against dozens of princes, officials and businessmen detained in an anti-corruption probe,…”

Another Saudi prince, Crown Prince Muqrin bin Abdulaziz, and seven senior officials were killed in a helicopter crash near Saudi Arabia’s border with Yemen, according to BBC report which in turn cited Saudi news sources.

On the other hand, King Salman already swore in new minister of National Guard,Prince Khalid Bin Ayyaf Al-Muqrin, and a Economy and Planning minister, Mohammad Al-Tuwaijri, according to Saudi news sources.

So far state broadcasters in Ethiopia did not report about it and there is no clue if the Ethiopian government is talking with Saudi Officials.
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