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

IFRS FOUNDATION PUBLISHES CASE STUDY REPORT: BETTER COMMUNICATION—MAKING DISCLOSURES MORE MEANINGFUL

The IFRS ®  Foundation has published a case study report showing how companies from different parts of the world have improved communication in their IFRS financial statements.  Better Communication in Financial Reporting—Making disclosures more meaningful  contains six case studies from varied industries. Its aim is to illustrate how improvements can be made and inspire other companies to initiate their own improvement projects. The report explains the process these companies have gone through to improve disclosures in the notes to their IFRS financial statements and shows examples of the improvements made. By identifying what information is relevant, prioritising it appropriately and presenting it in a clear and simple manner, they have made their financial statements easier for investors to read and understand. Through the use of examples, the report shows that relatively small changes can significantly improve the quality of the financial information that compa...
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 »

IFRS Foundation Trustees publish findings on independent perception research

The Trustees of the IFRS ®  Foundation, responsible for the governance and oversight of the International Accounting Standards Board (Board), today published the findings of independent research commissioned to better understand stakeholder attitudes towards the work of the IFRS Foundation and the Board. The research found that the IFRS Foundation is perceived as being successful in achieving its public interest mission, and is highly rated for transparency, independence and professionalism. The research also identifies areas for further development, mainly around the complexity of its Standards, the timeliness of its standard-setting process and the need to respond quickly in a changing world. The research was conducted between February and May 2017 by Ebiquity, an independent research agency. Ebiquity interviewed 50 senior stakeholders from around the world. That research was then supplemented with online surveys of members of the IFRS Foundation’s advisory bod...
Post a Comment
Explore more »