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tinyfav.com November 24, 2017


Saudi King issues royal orders

06 November 2017, 02:05 | Myrtle Vega

Earlier this evening ahead of the arrests Prince Mohammed established the anti-corruption commission by royal decree

Earlier this evening ahead of the arrests Prince Mohammed established the anti-corruption commission by royal decree

Earlier this year, the king removed Prince Mohammed bin Nayef as head of the interior ministry, placing him under house arrest and extending the crown prince's influence over the interior ministry's troops, which act as a second armed force.

Saudi authorities arrested at least 11 princes, several current ministers and dozens of former ministers in a sweeping move reportedly created to consolidate power for the son of King Salman bin Abdul-Aziz Al Saud.

Analysts suggested the corruption probe, which targeted key members of the royal family, was a show of force by the crown prince, aimed at removing any potential opposition as he pushes an ambitious and controversial reform agenda.

The Times adds that Prince Alwaleed has made recent appearances in Western news, to weigh in on topics like cryptocurrencies and to discuss Saudi Arabia's plans to offer public shares of its lucrative oil company, Aramco.

Among 11 royals and several other government ministers arrested Saturday was Prince Alwaleed bin Talal, an internationally prominent investor with an estimated net worth of around $19 billion, according to the Bloomberg Billionaires Index.

Prince Alwaleed increased his stake in Citigroup at the height of the global financial crisis a decade ago and he has held on to the stake, saying as recently as last month that he was very happy with the investment. Both are sons of the late King Abdullah, who ruled before his half-brother King Salman.

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Kingdom Holding did not respond to requests for comment from The National.

Prince Alwaleed's investments, current and future, may now be in doubt after he was detained in an investigation by a new Saudi anti-corruption body.

The committee's goal was to "preserve public money, punish corrupt people and those who exploit their positions", according to the royal decree.

The committee is also trying to find out how the state agencies handled the Middle East Respiratory Syndrome (MERS) virus which has claimed hundreds of lives in the past few years.

The government said the anti-corruption committee has the right to issue arrest warrants, impose travel restrictions and freeze bank accounts.

The arrests follow the king's dismissal of top ministers and a crackdown on dissidents.



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