Vast majority of suspects in graft probe agreeing to settlement, crown prince says

THE HINDU, 24th NOVEMBER, 2017-The vast majority of about 200 businessmen and officials implicated in a sweeping crackdown on corruption are agreeing to settlements under which they hand over assets to the government, Crown Prince Mohammed bin Salman told the New York Times.

We show them all the files that we have and as soon as they see those about 95 percent agree to a settlement, which means signing over cash or shares in their companies to the Saudi Treasury, the newspaper quoted Prince Mohammed as saying.

About 1 % are able to prove they are clean and their case is dropped right there. About 4 % say they are not corrupt and with their lawyers want to go to court.

Prince Mohammed repeated a previous official estimate that the government could eventually recover around $100 billion of illicit money through settlements.

The government said two weeks ago that it had questioned 208 people in the crackdown and released seven without charge. Dozens of princes, senior officials and top businessmen are believed to be held in Riyadh’s opulent Ritz Carlton hotel as their cases are processed.