Saudi corruption purge snares $33 billion of net worth
Bloomberg | 7 November2017

Saudi corruption purge snares $33 billion of net worth

By Devon Pendleton and Zainab Fattah
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.
Alwaleed bin Talal, $19 billion
Mohammed Al Amoudi, $10.1 billion
Tim Pendry, Al Amoudi’s London-based spokesman said in a statement Monday that the arrest "is an internal matter for the kingdom and we have no further comment to make other than to say that the overseas businesses owned by the Sheikh remain unaffected by this development."
Saleh Kamel, $3.7 billion
Albaraka Banking Group’s Egypt subsidiary said in a statement that the arrest didn’t have a direct impact on the company and that Kamel didn’t serve on the subsidiary’s board. Kamel is chairman of the board at the parent company.
Nasser Al Tayyar, $600 million
The company said in a statement to the Saudi Stock Exchange that its operations are continuing, and that it’s safeguarding the interests of its customers and shareholders.
Bakr Binladin
Phone calls made to the company headquarters after hours went unanswered.
Two of the four Saudis on the Bloomberg index haven’t been detained in the sweep: hotel magnate Mohamed bin Issa Al Jaber, who has an $8.3 billion fortune and splits his time between Paris, London, Vienna and Jeddah, and Prince Sultan Bin Mohammed Al Kabeer, the biggest individual shareholder in food processor Almarai Company, who has $4.7 billion.
(An earlier version of this story was corrected to clarify that Albaraka statement came from Egypt subsidiary)
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