Saudi Arabia’s anti corruption crackdown your money for freedom
Saudi Arabia’s anti corruption crackdown by crown prince Mohammed bin Salman with several royals held in what is seen as a way to consolidate power and to purge potential rivals in the royal family.
This crackdown has seen several royals, ministers, officials and the country’s richest oligarchs detained.
However, the kingdom is offering them freedom for their money as some of them are being asked to give up to 70% of their wealth as a punishment for decade of corrupt business transactions.
It is expected that the crackdown could generate close to $300b into the coffers of Saudi government. The Kingdom has seen its foreign reserve depleted by the fall in oil price.
Surprisingly, the crackdown is working.
“They are making settlements with most of those in the Ritz,” said one adviser. “Cough up the cash and you will go home.”
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