Riyadh – Mubasher: Several Saudi businessmen have reached financial settlements with the kingdom’s authorities regarding the crackdown on corruption, an official source told Reuters.
The settlement includes the owner of regional television network MBC Waleed Al-Ibrahim, a major shareholder in fashion retailer Fawaz Abdulaziz Alhokair Co, former chief of the Royal Court, and former head of the country's meteorology and environmental protection agency Turki bin Nasser, the source said.
The source, speaking on condition of anonymity under briefing rules, did not reveal the terms of the settlements, and denied a report in London’s Financial Times that said Al-Ibrahim was giving up his ownership of MBC.
“The report is totally untrue and his ownership has not changed even by one share,” the source told Reuters, adding that “the settlement was related to other matters which we are not entitled to discuss.”
Al-Ibrahim had been released from detention on Saturday, joining family members in Riyadh, according to an email sent to MBC employees by MBC's CEO Sam Barnett.
Reuters could not reach any of businessmen for comment, it said on Saturday, noting that the allegations they had faced were not clear.
Numerous princes, senior officials, and top businessmen were arrested when Crown Prince Mohammed bin Salman launched the crackdown in November 2017, in which suspects were accused of crimes such as money laundering, bribery, and extorting officials.
Saudi authorities stated that they aimed to reach financial settlements with most suspects. The settlements were expected to reach around $100 billion, media reports showed, indicating that the government would use the settlements' proceeds to bridge its budget deficit.
The recent settlements suggest that the purge may be coming to an end, which is a relief for investors in the companies run by the suspects, some of which have seen their share prices drop.
Earlier this week, the Saudi attorney general said that authorities were still holding 95 people in the campaign, while 90 detainees had been released after having charges dropped, others had traded cash, real estate and other assets for their freedom, and some suspects would face trial if they do not settle.
