Skip to main content

Dozens arrested in Saudi corruption crack-down


Saudi Arabia’s crown prince is leading a crack-down on corruption, which has led to the arrest of dozens of royal figures, ministers and businessmen. 
The country’s newly formed anti-corruption committee ordered the detention of 11 princes, four ministers and dozens of ex-ministers and businessmen, according to Saudi media.  Attorney general Sheikh Saud Al Mojeb said the arrests were “merely the start of a vital process to root out corruption wherever it exists”. 
The order also detailed the detention of the minister of the national guard prince Miteb bin Abdullah bin Abdulaziz and minister of economy and planning Adel bin Mohammed Faqih. 
One of Saudi’s most prominent tycoons, businessman prince Alwaleed bin Talal, was also arrested. 
The committee will investigate public corruption and aims to improve the investment climate in the kingdom and enhance confidence in the legal system.
It is the latest move of the country to improve economic performance and oversight of its public finances.
It has the task of identifying “offences, crimes, persons and entities involved in cases of public corruption”, according to the royal decree.
Saudi Arabia’s finance ministry said on Sunday that the committee will open “a new era of transparency and accountability”.
According to the official Saudi Press Agency (Spa), the powers of the anti-corruption committee include “the investigation, issuance of arrest warrants, travel ban, disclosure and freezing of accounts and portfolios, tracking of funds, assets and preventing their remittance or transfer by persons and entities, whatever they might be”.
It will also include the power to seize assets of individuals or entities that have been found to have taken or abused public funds.
Saudi Arabia announced last month its $500bn plan for a new business and industrial city, stretching across its borders into Jordan and Egypt.
The authorities have made progress in implementing reforms to adjust the formerly oil-dependent state’s fiscal policy under its Vision 2030 project, which are “beginning to bear fruit”, according to the IMF.

Comments

Post a Comment

Popular posts from this blog

Bond Listing

FMDQ OTC Securities Exchange provides an efficient platform for registration, listing, quotation and valuation of bonds. FMDQ through its trading and surveillance systems and and the publication of FMDQ Daily Quotations List has empowered the Nigerian sovereign bonds and other classes of bonds with price discovery, transparency and market integrity. Bonds listed and admitted on FMDQ are traded by its Dealing Members some of which act as primary dealers to the sovereign domestic bonds. FMDQ Dealing Members act as market makers to the Nigerian sovereign bonds and some other classes of bonds thereby providing trading liquidity to the Nigerian bond market. The OTC securities exchange is responsible for circa 100% of bonds traded in Nigeria. As part of its mandate to provide exceptional levels of information transparency, FMDQ provides continuous disclosure of relevant information on fixed income issues listed on its platform. This information includes amongst others – issue siz...
Post a Comment
Explore more »

Funds Listing

As a debt capital-focused securities exchange, FMDQ also provides a robust platform for the listing of Mutual and Exchange Traded Funds. Mutual Funds   are investment vehicles operated by money managers, which typically pools funds from investors for the purpose of investing the funds in securities such as stocks, bonds, and money market instruments. They are also classified according to the types of securities invested in. Fixed Income Mutual Funds, which are focused primarily on investments in government and corporate bonds; and Money Market Mutual Funds (or Money Market Funds) which are focused on investments in short-term debt securities such as treasury bills and commercial papers, are permitted for listing and trading on FMDQ, in line with the provisions of the FMDQ Bond Listing and Quotation Rules. Exchange Traded Funds (ETFs)   are marketable securities that track an index, a commodity, bond, or a basket of assets. Unlike mutual funds, ETFs are traded on an exc...
Post a Comment
Explore more »

List of IFRIC Interpretations

The IFRS Foundation provides free access (through Basic registration) to the PDF files of the current year's IFRIC ®  Interpretations (Part A of the Issued Standards—the Red Book), as well as available translations of Interpretations. This section also provides high level and non-technical summaries for the Interpretations.  The full Standards with all accompanying documents are available for  Premium subscribers on eIFRS . For more information about what is provided for free and why, visit our unaccompanied Standards FAQ page . Interpretation name IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities IFRIC 2 Members’ Shares in Co-operative Entities and Similar Instruments IFRIC 4 Determining whether an Arrangement Contains a Lease IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds IFRIC 6 Liabilities arising from Participating in a S...
Post a Comment
Explore more »