Saudi corruption purge snares $33 billion of net worth in Riyadh

Bloomberg reports: Crown Prince Mohammed bin Salman’s crackdown on some of Saudi Arabia’s richest and most powerful men has put $33 billion of personal wealth at risk.

The stunning series of arrests has implicated three of the country’s richest people, including Prince Alwaleed bin Talal, who’s No. 50 on the Bloomberg Billionaires Index ranking of the world’s 500 richest people, with $19 billion. Also being held are the kingdom’s second- and fifth-wealthiest people, as well as a travel-agency mogul and Bakr Binladin, a scion of a one of the country’s biggest construction empires.

The arrests, which the crown prince said are part of a fight against corruption, reportedly have led the government to freeze the accounts of the more than three dozen men detained and believed to be held at the Riyadh Ritz-Carlton. [Continue reading…]

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