Saudi recovers billions in anti-graft drive

Davos: Saudi Arabia has recovered billions of dollars from businessmen and other citizens accused of graft in the anti-corruption campaign underway in the Kingdom, Finance Mohammed Al-Jadaan was quoted as saying.

 Speaking at the World Economic Forum meeting in Davos, he declined to confirm earlier reports that the government had netted $100 billion from the anti-graft drive, said the Arab News report. “I cannot comment on that figure, but yes we have recovered some,” he said.  “But everybody is equal before the law and that is what has been happening. These are very smart people. They do not just have things in bank accounts, so we’re unlikely to recover cash but there will be assets inside and outside Saudi Arabia,” he said.

 He said that the recovered assets would be used to pay for items of national expenditure for Saudi citizens, such as the Citizens’ Account and the recent economic stimulus package.

 Al-Jadaan’s comments came in a WEF session entitled “Building Saudi Arabia’s future economy,” featuring leading economic policymakers and Stephen Schwarzman, CEO of US private equity investor Blackstone.

 Asked if the anti-corruption drive would deter foreign investment in the Kingdom, Al-Jadaan said: “Should people be worried about coming to Saudi Arabia? Absolutely not.

 “It is the quality and the cost of your proposition that will determine whether you are successful in doing business in Saudi Arabia, not how much you pay in bribes.”

Saudi Prince Alwaleed bin Talal released from detention

RIYADH  (Reuters) - Saudi Arabian billionaire Prince Alwaleed bin Talal, one of the kingdom’s top international businessmen, was released from detention on Saturday, more than two months after he was taken into custody in a sweeping crackdown on corruption.

His release came hours after he told Reuters in an interview at Riyadh’s opulent Ritz-Carlton hotel that he expected to be cleared of any wrongdoing and be freed within days.

A senior Saudi official said Prince Alwaleed was freed after he reached a financial settlement with the attorney general.

“The attorney general has approved this morning the settlement that was reached with Prince Alwaleed bin Talal, and the prince returned home at 1100 a.m. (0800 GMT),” the official told Reuters, without giving details of the terms.

The decision to free him, and the release of several other well-known tycoons on Friday, suggested the main part of the corruption probe was winding down after it sent shockwaves through Saudi Arabia’s business and political establishment.

In his first interview since being detained, conducted hours before his release, Prince Alwaleed told Reuters he maintained his innocence of any corruption in talks with the authorities.

He said he expected to keep full control of his global investment firm Kingdom Holding Co without being required to hand assets to the state. He said he had been able to communicate with executives at his business while detained.

Prince Alwaleed, who is in his early 60s, described his confinement as a “misunderstanding” and said he supported reform efforts by Crown Prince Mohammed bin Salman.

“There are no charges. There are just some discussions between me and the government,” he said.

Prince Alwaleed had been confined at the Ritz-Carlton since early November, along with dozens of other senior officials and businessmen, part of the crown prince’s plan to reform oil superpower Saudi Arabia and consolidate his position.