$100 billion embezzled, more than 200 people questioned in graft probe

From Straits Times, “”Based on our investigations over the past three years, we estimate that at least US$100 billion has been misused through systematic corruption and embezzlement over several decades,” Attorney-General Sheikh Saud al-Mojeb said in a statement.

The bank is conducting its own investigations into accounts linked to people who have been detained, the banker said without elaborating.

Another banker in the region said his institution was receiving more enquiries from Saudi clients about cross-border financial transactions, but it was handling the enquiries with extreme caution as there could be further action by regulators.

Saudi and foreign businessmen worry that the crackdown could hurt the economy if the freezing of bank accounts delays payments and companies become more cautious about investing.”

Leave a comment

Filed under Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s