Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Wednesday, October 24, 2018 01:29:52 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

$100 billion stolen

Saudi Arabia says it has questioned 208 in graft inquiry

By
11th-Nov-2017       
Comments
Share your thought
Post a comment »
Read all () »

Reuters :
Saudi authorities have questioned 208 people in an anti-corruption investigation and estimate at least $100 billion has been stolen through graft, a top official said on Thursday as the inquiry expanded beyond the kingdom's borders.
"Based on our investigations over the past three years, we estimate that at least $100 billion has been misused through systematic corruption and embezzlement over several decades," Attorney-General Sheikh Saud al-Mojeb said in a statement. Of the 208 people called in for questioning so far, seven have been released without charge, Sheikh Saud said, without naming them. Dozens of princes, senior officials and prominent businessmen, including cabinet ministers and billionaires, have been detained in the inquiry, which was announced last weekend

 and appears at least partly aimed at strengthening the power of Crown Prince Mohammed bin Salman.
The investigation has spread to the neighbouring United Arab Emirates, as the UAE central bank has asked commercial banks and finance companies there to provide details of the accounts of 19 Saudis, commercial bankers told Reuters on Thursday. Almost all of the 19, including billionaire Prince Alwaleed bin Talal and former National Guard chief Prince Miteb bin Abdullah, are known to be have been detained.
The commercial bankers said UAE authorities had not explained why they wanted the information, but the bankers believe the authorities were acting at the behest of the Saudi government, which has said it aims to recover illicit funds. UAE central bank officials were not available to comment, while Saudi officials, who have frozen over 1,700 domestic bank accounts as part of the crackdown, did not respond to requests for comment.
The UAE, particularly Dubai, is one of the main places where wealthy Saudis park their money abroad. In addition to bank accounts, they buy luxury apartments and villas in Dubai and invest in the emirate's volatile stock market. Some wealthy Saudi individuals have been liquidating assets within Saudi Arabia, the UAE and other Gulf countries this week, apparently in an effort to move money out of the region and escape the crackdown, private bankers and fund managers said. In Riyadh, rich individual investors have been selling equities heavily, although buying by state-linked funds has helped to support the market. In Dubai, shares in real estate developers have sunk as investors worry about the impact on the property market of a pull-out by Saudis. The UAE commercial bankers said they had not been asked to freeze the Saudi accounts at their institutions, but they believed the central bank's request for information might be a prelude to such action.
The risk of the accounts being frozen "jeopardises Dubai's pitch as a private banking centre", said a Gulf-based banker, adding: "Banks in the UAE are full of Saudi money." One senior banker at an international bank with business in Saudi Arabia said his institution had already frozen some accounts, both inside the kingdom and outside it, in response to Saudi government requests. The bank is conducting its own investigations into accounts linked to people who have been detained, the banker said without elaborating.
Another banker in the region said his institution was receiving more enquiries from Saudi clients about cross-border financial transactions, but it was handling the enquiries with extreme caution as there could be further action by regulators. Saudi and foreign businessmen worry that the crackdown could hurt the economy if the freezing of bank accounts delays payments and companies become more cautious about investing.
On Thursday, Mojeb repeated statements by other top officials that normal commercial activity had not been affected and that only personal bank accounts had been frozen, not corporate accounts. "Companies and banks are free to continue with transactions as usual." The risk of fund outflows from the region has helped to push the currencies of Gulf Arab countries down slightly against the US dollar in the forward market this week.
The Saudi riyal dropped in the one-year forward market on Thursday to imply riyal depreciation of 0.8 percent against the dollar in the next 12 months, compared to 0.3 percent before the crackdown.
However, it remains much stronger than it was last year, when the forward market implied depreciation of about 2.7 percent because of worries about Saudi Arabia's ability to cope with an era of low oil prices.

Tariff
Add Rate

News Archive

Inside The New Nation

Entertainment »

Jennifer crosses 7 million followers on Instagram


Jennifer Winget has more than one reason to celebrate. The actress is not only enjoying her stint as Zoya in the show, Bepannah, but she has also become the second Indian TV celeb who now enjoys a fan following of 7 million on Instagram.Jennifer is next to Divyanka Tripathi, who ...

Cricket »

Fazle should get another game: Mashrafe


Bangladesh skipper Mashrafe Bin Mortaza said Fazle Mahmud should be given another opportunity despite scoring a duck in the first game.Ahead of the second match in Chattogram, Fazle Mahmud, who debuted in the first ODI, is still getting Mashrafe's support despite scoring a duck in the first game, according to ...

Editorial »

Higher educational institutions must be kept out of corruption


THE Dean's Committee of Dhaka University (DU) yesterday at a meeting held at the Vice-Chancellor's office decided to hold the controversial "Gha" unit entrance exam again, Vice-Chancellor Dr Md Akhtaruzzaman said, according to media reports. The VC said 18,463 students, who have passed the test could take part in the ...

City »

BNP Vice-Chairman Khondkar Mahbub Hossain speaking at a human chain formed by Bangladesh Jatiyatabadi Sramik Dal in front of the Jatiya Press Club on Tuesday demanding release of BNP Chief Begum Khaleda Zia and withdrawal of false cases filed against BNP Acting Chairman Tarique Rahman.


International »

Trump to cut Central America aid as migrant caravan rolls on


AFP, Mexico :President Donald Trump said Monday the United States will start cutting aid to three Central American countries as a caravan of thousands of mostly Honduran migrants rolled on toward the US border.The United Nations said more than 7,000 people were now heading toward the United States, as more ...

International »

Torture in Palestinian jails 'systematic': HRW


AFP, Ramallah  :The Palestinian security forces "systematically" abuse and torture prisoners in what could amount to crimes against humanity, Human Rights Watch said Tuesday.The rival authorities of the Palestinian Authority and Hamas both used threats, arbitrary arrests and violent abuse against detainees, said the New York-based group.The report is likely ...

Editorial »

The authoritarian ruler must go


THE Maldives' top court on Sunday ended weeks of uncertainty by rejecting strongman President Abdulla Yameen's controversial bid to annul last month's election results, upholding his landslide defeat to the opposition candidate Ibrahim Mohamed Solih. The five-judge Supreme Court bench unanimously ruled that Yameen had failed to prove his claim ...

Cricket »

Asia Cup knock still Imrul's best


After registering his highest ODI score in the series opener against Zimbabwe, Bangladesh batsman Imrul Kayes has still rated it as his 'second-best' innings.Imrul smashed 140-ball 144 runs including 13 fours and 6 maximums against Zimbabwe which helped Tigers win by 28 runs in the first ODI at Mirpur.Even after ...

Football »

Messi injury means Coutinho, Dembele must step up for Barca


AP, Barcelona :With Lionel Messi out with a broken arm, the two most expensive signings in Barcelona's history have a perfect opportunity to step up and show their value.Barcelona spent more than 300 million euros to sign Brazil midfielder Philippe Coutinho and France forward Ousmane Dembele last season as it ...

International »

Turkey turns up heat on Saudi crown prince over Khashoggi


AFP  :Turkey's pro-government media published new claims on Monday linking Saudi Crown Prince Mohammed bin Salman to the death of journalist Jamal Khashoggi after President Recep Tayyip Erdogan vowed to reveal the "naked truth" about the case.Erdogan said at the weekend he would give new details in a speech on ...

International »

Nnamdi Kanu: Nigerian separatist leader resurfaces in Israel


Missing Nigerian separatist leader Nnamdi Kanu has resurfaced in Israel more than a year after soldiers stormed his home. "I'm in Israel," Mr Kanu said on Sunday in a broadcast on his outlawed pirate radio station - Radio Biafra. A video of the Indigenous People Of Biafra (Ipob) leader praying ...

City »

Prime Minister Sheikh Hasina administering oath to the newly elected Mayor of Barishal City Corporation Serniabat Sadik Abdullah at her office in the city on Monday.


Entertainment »

Emon, Airin pair up in movie for first time


Sheikh Arif Bulbon :Popular film actor Emon and model cum actress Airin Sultana have paired up for the first time in a movie titled Akash Mohol. Noted filmmaker Delwar Jahan Jhontu is making the movie under the banner of Impress Telefilm. The shooting of the movie began at the Bangladesh ...

Cricket »

Imrul Kayes scores career best 144


Bangladeshi opening batsman Imrul Kayes proved his worth scoring his 3rd ODI century with career best 144 runs in a tough situation against Zimbabwe in the first match of the three-match ODI series at the home of Bangladesh Cricket-Sher-e-Bangla National Stadium in Mirpur on Sunday.When Bangladesh were losing wickets on ...

Football »

Emery's Arsenal face gruelling week


Unai Emery admits Arsenal will struggle to cope with a draining schedule that sees them host Leicester at the start of three games in seven days.Emery's side will be pushed to the limit by the television schedulers, who moved their Premier League clash with the Foxes to Monday evening at ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news