Saudi’s to Propose Substantial Price in Exchange For Freedom

Saudi authorities are negotiating a price for the freedom of princes and businessmen held over allegations of corruption, the Financial Times reported.The Saudi government is looking to appropriate as much as 70 percent of a suspect’s wealth in some cases, the Financial Times reported Thursday, citing sources which could not be verified by CNBC. The settlements have the potential to channel hundreds of billions of dollars into depleted state funds.At the start of November, Crown Prince Mohammed bin Salman suddenly ordered the arrest of powerful royals and businessmen. Kingdom officials described the extraordinary purge as a crackdown on corruption while others called the exercise a power grab meant to smooth the way for the 32-year-old’s anticipated rise to the throne.

Source: Saudi officials reportedly offer freedom to arrested royals — in exchange for 70% of their wealth – CNBC

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.