On Thursday this week, Financial Times reported that the Saudi government is looking for ways of recovering as much as 70 percent of assets from business tycoons and princes detained at Ritz Carlton hotel in Riyadh.
And the government made up its mind that it will use “whatever measures are deemed necessary…to seize companies, funds and other assets,” according to Reuters report.
The assets of the business tycoons in Saudi banks were already frozen with order from the Saudi government.
However, a report by Reuters yesterday says authorities are making deals with detainees :
- “Now, sources say authorities are striking deals. Asking some of those detained to hand over assets and cash in return for their freedom. One businessman agreed to tens of millions of Saudi riyals being withdrawn from his bank account. “
It is not yet clear if Ethiopian born Saudi Billionaire is among the detainees who strike a deal with the Saudi government.
Saudi government has a huge budget deficit due to low oil prices.
More than 500 people (including former ministers,royal families and business tycoons) were detained since the first week of November in connection with graft and corruption.
Although the anti-corruption campaign led by Saudi Prince Mohammed Bin Salman (MBS) is said to be politically motivated by some observers, there exists a view among politicized Saudis that the number of corrupted officials is far more higher.
The thirty-two year’s old prince Mohammed Bin Salman introduced some cultural changes including allowing women to drive a car and the practice of Yoga as a form of sport.
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