Saudi Arabia 2017 Anti-Corruption Arrests

[HannibalBarca]

Saudi government may confiscate up to $800 billion in anticorruption crackdown
By Margherita Stancati and Summer Said
Published: Nov 7, 2017 6:07 p.m. ET

Crackdown could help replenish state coffers

AFP/Getty Images
Saudi Crown Prince Mohammed bin Salman.

The Saudi government is aiming to confiscate cash and other assets worth as much as $800 billion in its broadening crackdown on alleged corruption among the kingdom’s elite, according to people familiar with the matter.

Several prominent businessmen are among those who have been arrested in the days since Saudi authorities launched the crackdown on Saturday, by detaining more than 60 princes, officials and other prominent Saudis, according to those people and others.

The country’s central bank, the Saudi Arabian Monetary Authority, said late Tuesday that it has frozen the bank accounts of “persons of interest” and said the move is “in response to the Attorney General’s request pending the legal cases against them.”

The purge is the most extensive of the kingdom’s elite in recent history. Crown Prince Mohammed bin Salman, the son of King Salman, was named heir to the throne in June and has moved to consolidate power. He has said that tackling corruption at the highest level is necessary to overhaul what has long been an oil-dependent economy. The crackdown could also help replenish state coffers. The government has said that assets accumulated through corruption will become state property, and people familiar with the matter say the government estimates the value of assets it can reclaim at up to 3 trillion Saudi riyal, or $800 billion.

An expanded version of this report appears on WSJ.com.


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In a statement issued on Wednesday, Saudi Arabia's Monetary Agency said the detentions, which are ostensibly aimed at ending corruption, would not affect businesses associated with those arrested.

Mohammed bin Salman, the Saudi crown prince, launched on Saturday a purge of his rivals within the royal family and the country's business elite.

Jubeir said "the crown prince has made it very clear that no prince and no minister and no high-ranking official is immune from corruption charges.

WATCH: Iran-Saudi tensions - Lebanon PM Hariri's resignation seen as a ploy


"The public prosecutor started an investigation two and a half years ago and unearthed a large number of cases of individuals who are involved in corruption and the decision was made to bring these people in for questioning and to confront them with the evidence and to deal with this issue in a very resolute manner".

Jubeir went on to say: "A sizeable percentage of our budget we discovered was being stolen and this cannot stand. Where you have corruption, you cannot have justice, you cannot have investment, you cannot have efficient and transparent government.

"I believe that the international community will be very, very pleased that the kingdom of Saudi Arabia is not only transparent, not only firm, but has actually taken decisive action against individuals who robbed public goods.

"And the reason the names have not been announced is that, under our legal system, we don't publicise names until after the verdicts are out. ... this is a hugely important step for Saudi Arabia.

"Now foreign investors can come into Saudi Arabia and compete on an equal footing with everybody else."

That's a cheap Bail price...

 

[HannibalBarca]

Seems Happy... in the Carlton Hotel (house arrest)

 

[somebozo]

Saudi Prince sells his stake in 21st Century Fox
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Saudi Prince sells his stake in 21st Century Fox
By News Desk
Published: November 9, 2017
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Saudi billionaire Prince Alwaleed bin Talal. PHOTO: REUTERS

Saudi Prince alWaleed bin Talal, a key ally of Rupert Murdoch, sold his stake in the 21st Century Fox – leaving the Murdoch family vulnerable to a rebellion from the company’s shareholders.

One of the richest man in the world, Prince alWaleed owned six per cent of Fox through investment firm Kingdom Holding at one point. A shareholder in various Murdoch companies including Fox, News Corp, Times and Wall Street Journal, the Saudi prince has consistently backed the Murdoch family into keeping the controlling share. He even publically supported Murdoch after the phone-hacking scandal at the News of the World in 2011.

While Fox declined to comment, Kingdom Holding did not respond to a request for comment.

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Fox News calls anchor an ‘opportunist’ over her harassment claim

Prince alwaleed is among the 11 Saudi princes arrested over the weekend in an “anti-corruption crackdown” prompted by Crown Prince Mohammad bin Salman. The arrested include four ministers and dozens of former ministers.

While the regulatory filings in New York show that his stake reduced to 4.98 per cent in December 2015, an analysis of Bloomberg data found it to have fallen to a zero since the end of the last financial quarter [September 30].

Regulatory filings in New York show Prince Alwaleed reduced his stake to 4.98% in December 2015, and an analysis of Bloomberg data shows the stake has fallen to zero since the end of the last financial quarter, on 30 September. But it is not clear why or to whom the stake was sold.

The surprising turn adds to speculations that Fox was holding talks with Disney about selling most of the company. Murdoch family controls about 39 per cent of voting rights in Fox – giving them control of key decision, however, they own only around 17 per cent of the shares.

The media outlet is run by Rupert Murdoch and his sons Lachlan [executive co-chair of 21st Century Fox] and James [chief executive of Fox]. The £11.7bn deal where Fox is trying to buy 39 per cent of Sky is under investigation by the United Kingdom’s Competition Markets Authority on the ground of media plurality and commitment to broadcasting standards.

The proposed takeover suffered another setback when earlier this week media regulator Ofcom ruled that the coverage Donald Trump’s Muslim ban and Manchester Arena bombing by two programmes on Fox News breached UK broadcasting standards.

But on Wednesday night, Fox reported revenues of $7bn for three months ending September 30, 2017 – better than expected quarterly results.

The Murdochs have declined to comment on Sky deal beyond public information, insisting that the deal will be finalised by mid-2018. Lachlan said that the company will not disclose any information on talks with Disney, and dismissed reports that the family had concluded Fox was unable to compete with rivals including Amazon, Google and Netflix – considered as the main reason behind the sale of the company.

Roger Ailes, former Fox News chief who changed cable news, dead

“Fox has the required scale,” Murdoch said. “We are excited about all our brands and the opportunities they offer the company.”

The shareholders at Fox, unhappy with the company’s performance and its dealing with sexual harassment scandals at Fox News, are expected to show rebellion at its annual general meeting on November 16. A proposal to eliminate the shareholding structure allowing Murdoch controlling share has already been tabled by The Nathan Cummings Foundation, Fox has recommended shareholders to oppose the motion.

The CtW Investment Group, which represents pension funds, also recommended an overhaul of the board of director in a letter to Fox last month. The letter also urged for the departure of Sir Rod Eddington as a non-executive and replacement of ‘insiders’ with independent directors.

The group also called for creation of corporate responsibility, compliance committee and condemned the board for its slow response to the scandals.

“The board stands at a critical juncture. The cultural crisis that has been exposed over the last 15 months at Fox News is a clear illustration of corporate control problem at 21st Century Fox. We would like to see the board take steps to minimise the risk of such a crisis in the future,” the CtW said in the letter. “We sincerely believe these governance changes are critical to ward off future corporate crises at Fox.”



This article originally appeared in The Guardian.


Read more: Fox , Latest , Murdoch

Seems Happy... in the Carlton Hotel (house arrest)

Photo debunked as something from a comedy show and not real

On the surface, the pictures suggested that the arrested individuals were not subjected to torture or interrogation and the arrest seemed to be a gimmick, however, the images have been debunked confirming that factually they had no link with the ‘House of Saud’.

In actual, the man believed to be Saudi tycoon is a Lebanese representative Jean Bou Gaddoun who disguised himself as Talal for comedy program directed by Charbel Khalil on the television show ‘Al-Jadid’.

 

[veg]

Saudi government may confiscate up to $800 billion in anticorruption crackdown
By Margherita Stancati and Summer Said
Published: Nov 7, 2017 6:07 p.m. ET

Crackdown could help replenish state coffers

AFP/Getty Images
Saudi Crown Prince Mohammed bin Salman.

The Saudi government is aiming to confiscate cash and other assets worth as much as $800 billion in its broadening crackdown on alleged corruption among the kingdom’s elite, according to people familiar with the matter.

Several prominent businessmen are among those who have been arrested in the days since Saudi authorities launched the crackdown on Saturday, by detaining more than 60 princes, officials and other prominent Saudis, according to those people and others.

The country’s central bank, the Saudi Arabian Monetary Authority, said late Tuesday that it has frozen the bank accounts of “persons of interest” and said the move is “in response to the Attorney General’s request pending the legal cases against them.”

The purge is the most extensive of the kingdom’s elite in recent history. Crown Prince Mohammed bin Salman, the son of King Salman, was named heir to the throne in June and has moved to consolidate power. He has said that tackling corruption at the highest level is necessary to overhaul what has long been an oil-dependent economy. The crackdown could also help replenish state coffers. The government has said that assets accumulated through corruption will become state property, and people familiar with the matter say the government estimates the value of assets it can reclaim at up to 3 trillion Saudi riyal, or $800 billion.

An expanded version of this report appears on WSJ.com.


Also popular on WSJ.com:

Millennial home buyers send a chill through rental markets.

Bridgewater paid over $1 million to employee pushed out after relationship with Dalio’s protégé.

Copyright ©2017 MarketWatch, Inc. All rights reserved.

By using this site you agree to the Terms of Service, Privacy Policy, and Cookie Policy (Updated Oct. 19, 2017).

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.



In a statement issued on Wednesday, Saudi Arabia's Monetary Agency said the detentions, which are ostensibly aimed at ending corruption, would not affect businesses associated with those arrested.

Mohammed bin Salman, the Saudi crown prince, launched on Saturday a purge of his rivals within the royal family and the country's business elite.

Jubeir said "the crown prince has made it very clear that no prince and no minister and no high-ranking official is immune from corruption charges.

WATCH: Iran-Saudi tensions - Lebanon PM Hariri's resignation seen as a ploy


"The public prosecutor started an investigation two and a half years ago and unearthed a large number of cases of individuals who are involved in corruption and the decision was made to bring these people in for questioning and to confront them with the evidence and to deal with this issue in a very resolute manner".

Jubeir went on to say: "A sizeable percentage of our budget we discovered was being stolen and this cannot stand. Where you have corruption, you cannot have justice, you cannot have investment, you cannot have efficient and transparent government.

"I believe that the international community will be very, very pleased that the kingdom of Saudi Arabia is not only transparent, not only firm, but has actually taken decisive action against individuals who robbed public goods.

"And the reason the names have not been announced is that, under our legal system, we don't publicise names until after the verdicts are out. ... this is a hugely important step for Saudi Arabia.

"Now foreign investors can come into Saudi Arabia and compete on an equal footing with everybody else."

In no way it could be 800 Billion USD. It seems to be 50 Billion USD at max.

It seems to be another propaganda from the Saudi Government.

Many of the arrested person have assets less than 1 Billion USD. Only few of them have above Billion USD assets.

 

[Muhammed45]

Arrested Saudi royals must cough up 70% of their wealth in exchange for freedom - report
Published time: 17 Nov, 2017 11:51
Get short URL

Mohammed bin Salman © Mark Wilson / Global Look Press
media.

Read more
How broke is the House of Saud? Riyadh could seize $800bn in assets in corruption shakedown
The arrested include Prince Al-Waleed bin Talal, businessman Waleed al-Ibrahim, the founder of the Middle East Broadcasting Center, which owns the Saudi satellite television channel Al Arabiya, and Bakr bin Laden, chairman of the Saudi Binladin construction firm.

The billionaires are being detained at the Ritz-Carlton Hotel in Riyadh.

“They are making settlements with most of those in the Ritz,” FT’s source said. “Cough up the cash, and you will go home.”

Last week, the Wall Street Journal reported that arrests of Saudi royals, ministers, and businessmen could lead to the confiscation of cash and other assets worth at least $800 billion.

Saudi Arabia has faced a significant budget deficit since the oil price collapsed. It stood at $79 billion last year. To cut the deficit, Riyadh has tried to implement fiscal measures, including spending cuts, raising taxes, bond sales and a future public offering of part of the kingdom’s oil monopoly Saudi Aramco.

Experts have said the latest Saudi corruption purge is about Crown Prince Mohammed bin Salman consolidating power before taking the throne. Others see it as an attempt to modernize Saudi Arabia. The crown prince has explained the arrests as part of his determination to root out corruption, a precondition of a more open economy.
https://www.rt.com/business/410153-saudi-arabia-ransom-purge-salman/

@somebozo @Sinnerman108

 

[mohd497]

Arrested Saudi royals must cough up 70% of their wealth in exchange for freedom - report
Published time: 17 Nov, 2017 11:51
Get short URL

Mohammed bin Salman © Mark Wilson / Global Look Press
media.

Read more
How broke is the House of Saud? Riyadh could seize $800bn in assets in corruption shakedown
The arrested include Prince Al-Waleed bin Talal, businessman Waleed al-Ibrahim, the founder of the Middle East Broadcasting Center, which owns the Saudi satellite television channel Al Arabiya, and Bakr bin Laden, chairman of the Saudi Binladin construction firm.

The billionaires are being detained at the Ritz-Carlton Hotel in Riyadh.

“They are making settlements with most of those in the Ritz,” FT’s source said. “Cough up the cash, and you will go home.”

Last week, the Wall Street Journal reported that arrests of Saudi royals, ministers, and businessmen could lead to the confiscation of cash and other assets worth at least $800 billion.

Saudi Arabia has faced a significant budget deficit since the oil price collapsed. It stood at $79 billion last year. To cut the deficit, Riyadh has tried to implement fiscal measures, including spending cuts, raising taxes, bond sales and a future public offering of part of the kingdom’s oil monopoly Saudi Aramco.

Experts have said the latest Saudi corruption purge is about Crown Prince Mohammed bin Salman consolidating power before taking the throne. Others see it as an attempt to modernize Saudi Arabia. The crown prince has explained the arrests as part of his determination to root out corruption, a precondition of a more open economy.
https://www.rt.com/business/410153-saudi-arabia-ransom-purge-salman/

@somebozo @Sinnerman108

All I can say is "LOL"

 

[Khafee]

Seems Happy... in the Carlton Hotel (house arrest)

This pic was rebuked earlier, but besides that, look at the cheap marble flooring, can't be Carlton.

 

[HannibalBarca]

This pic was rebuked earlier, but besides that, look at the cheap marble flooring, can't be Carlton.

I know, but rebuking came after my post... but yet... it's well made

 

[Khafee]

I know, but rebuking came after my post... but yet... it's well made

To me, it looks like cheap marble, but everyone has their own taste.

 

[HannibalBarca]

To me, it looks like cheap marble, but everyone has their own taste.

it wasn't about marble but Talal look alike.

 

[Khafee]

it wasn't about marble but Talal look alike.

Ah ok

 

[SALMAN F]

Requesting Mods to make this stickey!

http://saudigazette.com.sa/article/...-to-unearth-graft-in-economic-cities-projects
Crackdown to unearth graft in economic cities’ projects
5 hours ago
400 views


Saudi Gazette
Saudi Gazette report

JEDDAH – The ongoing crackdown on corruption will also cover economic city projects in Rabigh, Madinah, Qassim and Jazan.

King Abdullah initiated the economic city projects in 2005 soon after ascending the Saudi throne after the death of King Fahd. King Abdullah Economic City in Rabigh was launched at the end of 2005 while the other three were inaugurated by the late king in 2006.

The four economic cities with advanced infrastructure facilities were expected to draw a combined capital investment of SR170 billion in 10 years and create more than 500,000 jobs for young Saudi men and women, Al-Watan Arabic daily reported.

It was announced that the four economic cities including Prince Abdulaziz Bin Mousaed Economic City in Hail, Knowledge Economic City in Madinah and Jazan Economic City would achieve five major objectives: Balanced regional development, diversification of revenue sources, creation of new job opportunities, transfer of knowledge and technology and modernization of infrastructure.

However, the four cities have failed to achieve their objectives due to shortcomings in implementation and corrupt practices.

The supreme committee to tackle corruption led by Crown Prince Muhammad Bin Salman has arrested a number of princes, ministers, business tycoons and senior officials as part of its efforts to combat graft and protect national interests.

Attorney General Saud Al-Mojeb said the actions carried out by the commission were undertaken “as part of the state’s judicial duty to combat corruption.”

He added: “The suspects are being granted the same rights and treatment as any other Saudi citizen. A suspect’s position or status does not influence the firm and fair application of justice.”

He vowed “a firm application of justice”, calling the operation “part of an overhaul to ensure transparency, openness and good governance.”

Crown Prince Muhammad has unveiled a raft of radical reforms, including lifting a ban on women driving, pledging to turn the country toward a more moderate interpretation of Islam, and launching an ambitious economic reform program designed to reduce the country’s dependence on oil.

King Abdullah Economic City was established in 2006 by a consortium of global real estate majors, including Emaar, a number of high-profile Saudi investors and government bodies, and the city’s master developer – Emaar.

KAEC is strategically located on the Red Sea coast with access to the world by sea, land rail and air. It is located between major shipping routes to Europe and Asia. It is the largest of the four economic cities in the country.

Saudi Arabian General Investment Authority (SAGIA) is leading the development of these cities. Jazan Economic City is strategically located along an important sea route connecting Europe, Africa and Asia, with a focus on the energy and manufacturing industries.

It's not anti corruption since all of al saud family are corrupted it's rather burge for bin salman to get rid of his rivals also to steal their money to cover the loses of the failed projects like Yemen war and the trump jizya of 500 billions