Saudi corruption purge: Middle East state confiscates more than $100BN in major crackdown

Around 380 people have been summoned as part of the investigation, including businessmen, current and former government ministers and 11 princes who were questioned at Riyadh’s Ritz-Carlton Hotel. 

Crown Prince Mohammed bin Salman launched the anti-corruption purge last November. 

The huge sum of money would be a financial boost for the government, which has had its finances strained by oil prices. 

The Saudi Arabian Attorney General said on Tuesday that 56 corruption suspects remained in custody out of the 381 high profile figures detained on graft allegations.

Billionaire Prince Alwaleed bin Talal, owner of global investor Kingdom Holding, and Waleed al-Ibrahim, who controls influential regional broadcaster MBC, were freed last weekend.

Sheikh Saud Al Mojeb said in a statement: “The estimated value of settlements currently stands at more than 400 billion riyals ($106 billion) represented in various types of assets, including real estate, commercial entities, securities, cash and other assets.”

Previously the investigation involved courts summoning and questioning 381 people, some of whom provided evidence. 

The only settlement disclosed so far was a deal by senior prince Miteb bin Abdullah to pay more than $1.24 million according to Saudi officials. 

The Economy Minister Mohammed al-Tuwaijri has revealed that most assets seized in the purge were real estate and assets that are difficult to convert quickly into cash. 

Bankers in the Gulf said the crackdown had unsettled businesses and could affect the number of people willing to invest in the country.

One banker who deals with Saudi Arabia said to Reuters: “It’s reassuring if this situation is finally at an end, as the process was not clear from the start and at least if it is now ended, that provides some clarity and closure.”