Purged Saudis start paying for freedom
Detained officials, businessmen have already begun transferring funds to government, sources say
A group of Saud Arabian suspects being held at the Ritz-Carlton hotel in Riyadh for alleged corruption has already begun to strike deals with the government, sources say.
Bloomberg is reporting that some of the detainees are signing agreements with authorities to transfer a portion of their personal assets to the Saudi government, citing anonymous sources familiar with the matter.
If true, the report suggests the kingdom is having some success moving the settlement process along quickly. The political upheaval which began with the arrest of royals and other billionaires earlier this month comes at a time when Crown Prince Mohammed bin Salman is trying to attract foreign investment. Economists, however, expect the crackdown to slow already sluggish private investment and weigh on economic growth next year.
Should the settlement process go according to plan, authorities reportedly estimate they could recover between US$50 and US$100 billion from agreements with the detained suspects.