Saudi Arabia recovers US$ 107 billion in settlements from crackdown on corruption, 56 still in custody

Saudi government recovered nearly US$ 107 billion (Rs 6.79 lakh crore) in settlements with the suspects of graft who were arrested in corruption purge November last year. 

Saudi Arabian Attorney General Sheikh Saud Al-Mojeb said on Tuesday that total settlements with the suspects had topped Saudi Riyal 400 billion (Rs 6,79,200 crore) in various forms of assets, which include real estate, commercial entities, securities and cash, Saudi Gazette reported. 

He said 381 people were detained on graft charges out of which 56 were still in custody. The attorney general refused to make settlements with 56 people due to other pending criminal cases against them and in order to complete the investigation process as required by the law.

“The review of the case files relating to those who were accused of corruption has been completed. Negotiations and settlement with those individuals who were charged with corruption were concluded, and cases were transferred to the Public Prosecution office to complete the relevant procedures. As a result, the Public Prosecution office decided to release all individuals against whom there was not sufficient evidence and also release all individuals with whom the government accepted to make settlements after they admitted to corruption allegations against them,” the Attorney General, a member of the Supreme Anti-Corruption Committee, said in a statement.

In an earlier announcement, Al-Mojeb said that the work of the anti-corruption committee would enter a new phase, referring the detainees to the public prosecution, after the settlement phase was over. 

Among those arrested over graft charges were Saudi Arabian media magnate Waleed al-Ibrahim and billionaire global investor Prince Alwaleed bin Talal. 

Officials said Prince Alwaleed had agreed to financial settlements after admitting to unspecified “violations", Reuters reported. Directly or indirectly through Kingdom Holding, he holds stakes in firms such as Twitter Inc and Citigroup Inc and has invested in top hotels including the George V in Paris and the Plaza in New York.

Ibrahim controls influential regional broadcaster MBC. Ibrahim “was fully exonerated and declared innocent of any wrongdoing, no corruption charges, no charges actually whatsoever,” a senior executive at MBC group told Reuters.

Although the government has disclosed the total sum recovered it has not divulged the details of individual settlement figures. 

The only settlement disclosed so far was a deal by senior prince Miteb bin Abdullah to pay more than $1 billion, according to Saudi officials. Miteb was once seen as a leading contender for the throne, so his detention fueled suspicion among foreign diplomats there might be political motives behind the purge.

While many saw a political motive in Crown Prince Mohammed bin Salman's corruption purge, the huge sum would be a big financial boost for the government, which has seen its finances strained by low oil prices. The state budget deficit this year is projected at 195 billion riyals.

(With Reuters inputs)