Saudi Arabia Seeks Extradition of Corruption Suspects

Saudi Arabia Seeks Extradition of Corruption Suspects

Saudi Arabia Seeks Extradition of Corruption Suspects

The public prosecutor said evidence is being collected against “fugitives” in order to issue indictments against them.

Saudi Arabia’s public prosecutor has said he will pursue extradition for corruption suspects living abroad as part of a 2-month-old crackdown that has already wrapped up Princes and tycoons.

Evidence is being collected against “fugitives” in order to issue indictments against them and request that foreign governments return them to the Kingdom, Saud al-Muajab said in an interview published recently.

It was not clear how many people are being targeted, or in which countries.

Saudi security forces have rounded up dozens of members of the political and business elite, holding them in Riyadh’s opulent Ritz Carlton hotel on the orders of Crown Prince Mohammed bin Salman.

The move was billed as a war on rampant corruption but also widely seen by analysts as helping Prince Mohammed consolidate his power after ousting his cousin as heir to the throne last Summer.

Saudi officials are negotiating settlements with detainees, saying they aim to claw back some $100-B of funds that rightfully belong to the state.

Muajab said that most detainees had agreed to settlements in order to avoid prosecution while the rest could be held for several more months.

He said that those who end up in court will be permitted to hire lawyers to defend them during the investigation and trial phases.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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