Saudi Arabia finished the arrests in its anti-graft probe and is preparing to receive and eventually funnel the settlement payments from high-profile detainees to development projects, Reuters reported, citing the commerce and investment minister.
When asked if the sweeping arrests of wealthy royals and business executives have ended, Minister of Commerce and Investment Majid bin Abdullah al-Qasabi reportedly said, "As far as I know, this is the case."
"Now the government will not keep its mouth shut when it sees a corrupt case. So definitely it will act. But this is — in terms of its magnitude, in terms of scale, in terms of how, in terms of why, in terms of now, that's it," he added.
Qasabi said a special Ministry of Finance account will hold the settlement funds, which may amount to between $50 billion and $100 billion, citing an estimate from the public prosecutor office, according to the report. Saudi Prince Miteb bin Abdullah, former head of the National Guard, paid an equivalent of more than $1 billion as part of his released.
"This money definitely will be used for housing, for the general public needs, because it is the money for the people. It will not be used for any other issue but for development projects," Qasabi was quoted as saying. The public prosecutor should provide an update on the corruption probe, including the number of arrested individuals and those facing criminal charges, in a few days, the minister said.
Saudi Arabia Attorney General Sheikh Saud Al Mojeb said Dec. 5 that settlement talks with detainees should conclude in a few weeks, Bloomberg News reported. "Most detainees faced with corruption allegations ... agreed to a settlement," he reportedly added.
Meanwhile, the minister said the government privatization program that aims to raise about $300 billion is on track, Reuters reported. He said the government will focus on seaports and is working on the mechanics of asset transfers scheduled to occur in mid-2019. He also expects more stimulus measures, including an estimated 70 billion riyals, or $18.7 billion, in financial incentives, to be included in the 2018 state budget that will come out around late December.
As of Dec. 4, US$1 was equivalent to 3.75 Saudi Arabian riyals.
