Saudis Swapping Assets For Freedom

Saudi authorities are striking agreements with some of those detained in an anti-corruption crackdown, asking them to hand over assets and cash in return for their freedom, sources familiar with the matter said.

The deals involve separating cash from assets like property and shares, and looking at bank accounts to assess cash values, one of the sources told Reuters.

Dozens of princes, senior officials and businessmen, including cabinet ministers and billionaires, have been detained in the graft inquiry at least partly aimed at strengthening the power of Crown Prince Mohammed bin Salman.

These include billionaire Prince Alwaleed bin Talal, one of the kingdom’s most prominent businessmen.

  • Cat-astrophe

    They are collecting hard currency for war with Iran.

    • Exile1981

      And also they have been selling oil at a loss for 3 years almost in an effort to drive US and Canadian production out of business. Shale gas and oil gas meant it isn’t working.

      The saudis need capital to fight the war and they need the war to drive oil prices way up so they can stop bleeding $$.

    • Aren’t they sitting on money?

  • simus1

    This is a fairly universal primitive third world mindset that regards surplus free capital sloshing around without restraint beyond the ruler’s immediate control as a big security risk to himself and his supporters. This not an unfounded fear but such ad hoc measures and the implied permanent seizure risks to private enterprise go a long way towards explaining the lack of progress in overcoming third world poverty.

    • Norman_In_New_York

      In this case, not while there is plenty of oil to sell.