Saudi Arabia's Anti-Corruption Drive Has Resulted In Graft Settlements That May Top $100 Billion

Bloomberg: Saudi Graft Settlements May Top $100 Billion as Ritz Empties

* Attorney general says 90 people have agreed to settle so far
* About 95 suspects remain at Ritz-Carlton hotel in Riyadh

Saudi Arabia is winding down a controversial anti-corruption drive that led to dozens of princes and billionaires being detained at the Ritz-Carlton hotel in Riyadh.

Talks with suspects are expected to end this month and authorities are likely to recover more than $100 billion in settlements, a senior government official said, asking not to be identified because the details are private. Those who don’t reach deals will be referred to prosecutors, the official said.

Authorities have already agreed to drop charges against about 90 suspects, who were released, Attorney General Sheikh Saud Al Mojeb said in a separate interview at the Ritz-Carlton late on Sunday. About 95 people were still at the hotel, including five weighing settlement proposals, with the others reviewing evidence presented against them, he said.

“The royal order was clear,” Al Mojeb said, as Arabic music streamed through loudspeakers in the hotel lobby. “Those who express remorse and agree to settle will have any criminal proceedings against them dropped.”

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Update: The Price Of Freedom: MbS's Corruption Crackdown Nets $100 Billion For Saudi State (Zero Hedge)

WNU Editor: This is slightly off-topic .... but this is the big fear that many Putin associates and business allies have in Russia. A future Russian leader doing what Crown Prince Salman did in Saudi Arabia .... launching an anti-corruption drive that targets the top 100.