Published: Sat, November 18, 2017
Life&Culture | By Rose Hansen

Saudi authorities offered detained princes exorbitant 'get-out-of-jail tickets'

Saudi authorities offered detained princes exorbitant 'get-out-of-jail tickets'

According to reports, this comes as a reaction to recent events in the Middle East between Saudi Arabia and Iran, and recent turmoil in Lebanon.

It is also reported that one of the businessmen withdrawn tens of millions of Saudi Riyals after agreeing to the deal.

Concerned Saudi investors have expressed fears that Swiss banking authorities will freeze their accounts at the request of the Saudi government, and they are more likey to be frozen, said Caputo.

Some are being asked to hand over as much as 70% of their wealth, a source familiar with events said.

'Eliminating uncertainty about what the Saudi authorities are going to do goes a long way towards giving the market comfort that the regime is getting its house in order, and plugging its deficit, ' said Louis Gargour, founder and senior portfolio manager at London-based hedge fund LNG Capital.

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Saudi Arabia offers those detained an opportunity to 'pay' for their freedom

Political observers consider the recent mysterious resignation of Lebanese Prime Minister Saad Hariri in Saudi Arabia as a prelude to Mohammed bin Salman's push to confront Hezbollah.

Many in the kingdom believe that billions of dollars that used to be wasted annually will now go into state coffers rather than the pockets of powerful individuals. Some of the suspects, many of whom have been detained at the Ritz-Carlton hotel in Riyadh since last week, are keen to secure their release by signing over cash and corporate assets, say people close to the negotiations.

The audience was attended by Prince Abdulaziz bin Saud bin Naif bin Abdulaziz, Minister of Interior, Minister of State and Cabinet's Member Dr. Musa'ed bin Mohammed Al-Aiban, Minister of Foreign Affairs Adel bin Ahmed Al-Jubeir and French Ambassador to the Kingdom Francois Gouyette, the agency added.

'But he may have realised that by doing this he´s gone a step too far and ruffled too many feathers, and he is maybe trying to find a way out that means these people don´t end up in prison forever and can carry on their business operations as before'.

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