By Eric King-
Saudi billionaires are rushing to get their assets out of the kingdom before officials seize $800 billion of funds as more than 200 people are arrested.
A number of Saudi Arabia’s richest families are in talks with banks and asset management companies in a desperate bid to shift their fortunes to prevent their money and properties being seized by a major anti-corruption sweep.
Saudi Arabia has called in 208 people for questioning in relation to the sweeping the probe which estimates hundreds of billions of dollars to have been misused through embezzlement and corruption in past decades.
Roughly 1,700 bank accounts have been frozen and those in the firing line risk having their assets and properties seized by the government as it attempts to flush out fraud in Saudi Arabia.
Crown Prince Mohammed bin Salman appears centralised a level of power unprecedented in recent Saudi history. Some Critics believe the purge targeting top princes, officials, military officers and businessmen, is a power grab by the crown prince to sideline potential rivals and critics. Bank accounts have been suspended in a bid to halt the emergency actions of those trying to escape the probe, and 201 suspects remain detained, whilst 7 have been freed.
The government has refrained from naming those held or suspected, claiming to be respecting their privacy whilst the investigation is undertaken. Perhaps, the rest of the world media can take a leaf from the book of a regime not normally reputed for integrity or the best of practices. 11 princes and 38 former government ministers have been detained in the crackdown ordered by Crown Prince Mohammed bin Salman, though there are said to be more names on the hit list. All their bank accounts have been frozen , with their assets and properties about to be seized by the government, a sit launches a massive crackdown on fraud and corruption.
Bloomerg revealed that some wealthy Saudis are selling investments in neighbouring countries to turn them into cash or liquid holding overseas.
Gulf investors have become pessimistic since the probe, selling millions worth of stocks. $92.5 million worth of Dubai stocks this year, according to insiders.
As the Saudi government ‘s investigation gets broader , the hierarchy are said to be eyeing up cash and assets worth around $800billion, according to Wall Street Journal who quoted sources close to the matter.
SAUDI BILLIONAIRE DETAINED
Saudi billionaire Prince Al-Waleed bin Talal – who is one of the richest men in the world and owns the British capital’s top hotel the Savoy – is one of the men who has been detained.
He also owns the huge Kingdom Tower in Riyadh – a 99-storey skyscraper which features a Four Seasons hotel, luxury apartments and a shopping maul.
The Saudi information ministry stated the government would seize any asset or property connected to the alleged corruption, meaning London’s Savoy hotel could become state property in the kingdom. Saudi Arabia princes fleeing the frightening probe have been offered asylum in Yemen by the same rebels they are bombing.
Houthi rebels have made the offer of political asylum to princes. Al Jazeera revealed on Tuesday that any Saudi prince or national seeking refuge would be ‘welcomed’ by Yemen, their ‘brotherly neighbor’.
‘We are ready to offer sanctuary to any member of the Al Saud family or any Saudi national that wants to flee oppression and persecution,’ the source said.