Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Wednesday, January 17, 2018 11:25:56 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

Editorial »

Lies about economic progress are coming out


The economy has come under pressure due to the banking sector crisis, inflation and soaring imports amid inadequate export earnings and insufficient remittance inflows, the Centre for Policy Dialogue (CPD) said recently. The banking sector is suffering from cronyism, the think-tank said, adding that various irregularities and embezzlement of public ...

Sports »

Zia finishes runner-up in Delhi Open Rating Chess


GM Ziaur Rahman Zia of SAIF Sporting Club finished runner-up in the 16th Delhi Open International Rating Chess Tournament which concluded on Tuesday at New Delhi in India. GM Zia earned 8 points out of 10 games to became runner-up in the event where total 27 Grandmasters participated.In the 10th ...

Sports »

Petra Kvitova of the Czech Republic makes a forehand return to Germany's Andrea Petkovic during their first round match at the Australian Open tennis championships in Melbourne, Australia on Tuesday.


Entertainment »

Much-awaited intense and gripping trailer of Breathe


After tantalizing the senses of audiences with the edge of the seat teaser, Amazon Prime Video and Abundantia Entertainment have now released the much-awaited trailer of Breathe. Breathe brings to the audience R Madhavan in the OTT space for the very first time. The trailer of the digital series is ...

Entertainment »

Richi works in a serial after returning country


Sheikh Arif Bulbon :Popular TV actress Richi Solaiman returned to Bangladesh on December 8. This time she came here to pass time only with her family and close persons of media. Despite having earlier schedule to come to country Richi did not agree to work for this reason. After returning ...

International »

We will `strangle` US-backed force in Syria `before it`s even born`: Erdogan


Reuters: Beirut :Turkey's Tayyip Erdogan threatened on Monday to "strangle" a planned 30,000-strong US-backed force in Syria "before it's even born," as Washington's backing for Kurdish fighters drove a wedge into relations with one of its main Middle East allies.The United States announced its support on Sunday for plans for ...

International »

Melania, America's enigmatic first lady


AFP, New York :Groomed to perfection yet rarely heard in public, Melania Trump is an enigma-a first lady whose opinions, marriage and goals remain a mystery to millions of Americans.She is without question a unique first lady: a former model who once posed nude in her husband's private jet; the ...

Business & Economy »

NRBC Bank aims to woo investment, quality banking


Kazi Zahidul Hasan  :NRB Commercial (NRBC) Bank Ltd has taken steps to bring substantial amount of foreign investment mainly from expatriate Bangladeshis this year in line with the objective it stated in the founding charter. "The bank was established to bring investment of non-resident Bangladeshi (NRBs) but it slipped from ...

Business & Economy »

Syed Waseque Md. Ali, Managing Director of First Security Islami Bank Limited, poses with the participants of the 28th Foundation Course at its Training Institute in the city recently. Senior officials of the bank were present.


City »

BNP Chairperson Begum Khaleda Zia appeared before the special court on Bakshi Bazar Alia Madrasha premises in the city on Tuesday on two corruption cases filed by Anti-Corruption Commission.


Editorial »

CEC must seek govt.`s cooperation to dissolve parliament


MORE than just holding small and big scale elections, it's time the Election Commission realise that it is essential to ensure the national elections is held in a free, fair and credible manner.  The Election Commission is a constitutional body and its responsibility is to hold election directly on the ...

International »

`I`m not a racist`, Trump says


AFP  :"I'm not a racist. I am the least racist person you have ever interviewed," Trump told reporters at the Trump International Golf Club in West Palm Beach, Florida, where he was having dinner with Republican House Majority Leader Kevin McCarthy.Trump appeared to give up for dead an immigration deal, ...

Football »

Suarez, Messi lead Barcelona to 4-2 comeback win at Sociedad


AP, Barcelona :Barcelona has broken its curse at Anoeta Stadium.Luis Suarez scored twice before Lionel Messi completed Barcelona's 4-2 comeback win at Real Sociedad on Sunday, giving the Catalan club its first league win at the Basque Country team since 2007.Barcelona was behind by two goals when Suarez set up ...

Sports »

The newly elected Executive Committee of Special Olympics Bangladesh pose for a photo session in the city's Tejgaon on Saturday.


Entertainment »

Shabnur, Purnima in a common frame


Entertainment Report :Shabnur and Purnima are two popular actresses in Dhaka film arena. Both of them have already got the National Film Award for single time. Shabnur got the National Award for acting in Mostafizur Rahman Manik’s movie Dui Noyon-er Alo. On the other hand, Purnima received the award for ...

 
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