Saudis to replenish budget by $800 billion at the expense of arrested princes

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November 11 , 2017 – Fort Russ News – 
KtovKurse – by Inessa Sinchougova 

The Saudi authorities are going to confiscate assets and funds for a total of up to $ 800 billion in the campaign against corruption.

Last weekend, more than 60 people were detained, including princes, officials and other influential Saudis. The detainees are accused of money laundering, abuse of power, bribery, embezzlement of state funds and extortion of money from officials. The central bank of Saudi Arabia froze bank accounts of the corruption scandal’s figures.

The assets confiscated from corrupt officials will become the property of the state. The Saudi authorities intend to raise in this way up to 3 trillion rials (about $ 800 billion).

A significant part of these funds is abroad, which will complicate attempts to bring them back. However, even a part of this amount can correct the financial situation of Saudi Arabia. The long period of low oil prices forced the government to borrow funds on the international securities market, as well as to use funds from the gold and foreign exchange reserves.

On November 5, the Supreme Committee on Fighting Corruption under the leadership of Crown Prince Mohammed bin Salman bin Abdul Aziz Al Saud decided to detain 11 princes and about 30 former and current ministers and businessmen on charges of corruption.

Inessa Sinchougova is an Editor and Journalist at Fort Russ News, as well as a research fellow and translator of the Belgrade based think-tank, the Center for Syncretic Studies. She was educated at Victoria University of Wellington (New Zealand), in the field of Political Science and was previously employed in Marketing and Communications Strategy for a Multi-National Corporation. She runs a popular YouTube channel for translations of key Russian Foreign Policy figures and appears regularly on other alternative media channels.  

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