Saudi King Establishes Anti-corruption Prosecution Units

Saudi King Establishes Anti-corruption Prosecution Units

Saudi King Establishes Anti-corruption Prosecution Units

Saudi Arabia’s King Salman has established special anti-corruption units of prosecutors to pursue embezzlement cases in the Kingdom after a recent crackdown.

King Salman’s decision was announced Sunday in a report on the state-run Saudi Press Agency.

The report said the King’s decision came from “his concern over combating corruption in all its forms aiming to protect the homeland and its resources, maintain public money and protect the integrity of the public employment.”

The decision comes after Saudi Arabia arrested dozens of Princes, business leaders and government officials in early November in a push led by Crown Prince Mohammed bin Salman.

Authorities say the arrests clawed back more about $108-M in exchange for the release most of the detainees.

The effort consolidated Crown Prince Mohammed’s power, and had prepared the way for international confidence in the up coming Aramco IPO.

Most all of the recognized Saudi billionaires have been excluded from the 2018 Forbes Billionaires List.

Forbes has released its annual rich list revealing a new frontrunner for the world’s wealthiest person and several major shifts in the rankings in the Gulf Cooperation Council (GCC).

Among the most noticeable changes in the Y 2018 list as a whole is the removal of all 10 Saudis that appeared previously following a November crackdown on corruption led by the Kingdom’s crown prince that snared businessmen, royals and government officials.

Many of the big names on the Forbes list in Y 2017, including the region’s former richest person Prince Alwaleed bin Talal, have been released, but the said said there in uncertainty as to what settlements they had made with the government to secure their freedom

Have a terrific week.

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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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