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 Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam