By: MnM | 11-10-2017 | News
Photo credit: Ibrahim Mohammed |

Embezzlement of $100 billion in Saudi Arabia

The Saudi Public Prosecution confirmed that the number of people summoned in cases of corruption reached 208 persons, seven of whom were released for lack of sufficient evidence, and the second phase of the prosecution will be transferred. According to the preliminary investigation, a number of misappropriated funds exceeded 375 billion riyals (about $ 100 billion), noting that the bank accounts of the detainees were suspended only and that their names would not be declared for the full legal rights granted to them by the system In Saudi Arabia.

Attorney General, the member of the Supreme Committee for Combating Corruption, Sheikh Saud, said yesterday that investigations with the individuals brought in are proceeding with rapid steps. He gave a summary of the investigations:

A . 208 The number of people who have been summoned, and seven of them have been released, for lack of sufficient evidence.

B. The financial value of these decades-long practices has included very large sums of misappropriated and unused public funds, and the potential value of these amounts may exceed $ 100 billion, according to initial investigations.

C. Further evidence to substantiate the facts in these cases will continue to be collected and, as announced on Tuesday, the Governor of the Saudi Arabian Monetary Agency (SAMA) has requested the freezing of their personal assets. This measure confirmed its findings in the preliminary investigation conducted over the past three years on the scale of these corrupt and large practices.

Given the magnitude of these charges, under the Royal Decree of November 4, there is a clear legal mandate to move to the next stage of interrogations with suspects. There is a great deal of speculation around the world about the identities of individuals concerned and the details of the charges against them. "We will not disclose personal details at this time to ensure that they enjoy the full legal rights granted to them by the regime in the Kingdom, and ask for respect for their privacy while undergoing judicial proceedings," the admirer said.

He stressed that the normal commercial activity in Saudi Arabia will not be affected by these investigations. Personal bank accounts were suspended only, and companies and banks had the freedom to continue transactions and transfers as usual, which the official authorities had indicated and reiterated.

He stressed that «the work of the Government of Saudi Arabia, under the leadership of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Crown Prince Prince Mohammed bin Salman, is within the framework of legal and institutional clear to maintain transparency and integrity in the Saudi market».

On the other hand, King Salman ordered the appointment of 30 judges and the promotion of 26 others in the Ministry of Justice at various levels of the judiciary. The Minister of Justice and Chairman of the Supreme Judicial Council, Sheikh Walid bin Mohammed Al-Sama'ani said in a statement yesterday that the matter and its promotions and appointment is an extension of the continuous support of the Custodian of the Two Holy Mosques, and his keenness to the application of the provisions of Sharia.


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Anonymous No. 11543 2017-11-10 : 16:15

Money had to come from somewhere. How long does one expect to get away with it?

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