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‘A Saudi Luxury Prison’: How the Kingdom Squeezed Billions From Billionaires
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A anti-corruption campaign in Saudi Arabia that led to settlements reaching $106 billion and a series of prosecutions in 2017, as reported in the WSJ. The government says this was done to ensure transparency, and a better business environment. The effort was unusual compared to anti-corruption efforts in other countries such as China because it was conducted with the use of the Ritz Carlton and the settlements made with the most affluent Saudis, as covered in the WSJ. It happened as the Saudi government needed to raise funds including through sale in IPO of state assets such as the Saudi oil company Aramco. The Aramco IPO did not take place. Saudis lost oil revenue with the collapse of negotiations to set oil prices, and the lack of cooperation from Russia.
Saudi Arabia's first year under Prince Salman
02/12/2018
Grouped Articles
‘A Saudi Luxury Prison’: How the Kingdom Squeezed Billions From Billionaires
WSJ 02/11/2018
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