Riyadh – Mubasher: Saudi Arabia completed arrests of people who are accused of corruption in its anti-corruption crackdown, said on Tuesday Minister of Commerce and Investment Majid Al Qasabi.
The Kingdom will allocate billions of the seized dollars to the economic development projects, Reuters reported, citing Al Qasabi as saying.
“A special Ministry of Finance account has been opened to receive such funds, which the public prosecutor’s office has estimated should eventually total between $50 billion and $100 billion, Qasabi said during a visit to Washington to meet U.S. businessmen,” the agency added.
Al Qasabi stated that more catalysts will be announced in 2018 budget, and the government's financial catalysts may reach SAR 70 billion ($18.7 billion).
The Saudi anti-corruption crackdown may collect $100 billion, and this amount will represent 57% of the government’s reserves.
In November, the Saudi government arrested 11 princes, as well as several current and former ministers.
An anti-corruption committee was formed under a royal decree by King Salman bin Abdulaziz and issued the arrests. The committee aims to preserve the public money, issue travel bans, and freeze bank accounts.
The Saudi prince Miteb bin Abdullah was released after authorities approved $1bn settlement.
