RIYADH: Saudi authorities are negotiating settlements with princes and businessmen detained over allegations.
The total could amount to $800 billion, say sources, which would be used to invest in the kingdom’s development.
Senior officials say that 90 per cent of those detained at the Ritz-Carlton Hotel in Riyadh are willing to give back substantial sums of money. They include 11 princes.
Although officials stress that this is not a formal investigation, some detainees have started to transfer funds from personal accounts to government-controlled accounts, claim sources.
The suspects being held as part of the kingdom’s crackdown on alleged corruption are starting to make payments to settle cases in exchange for freedom, according to people with knowledge of the matter.
The payments, less than a month since the detentions, show the speed at which Saudi Arabia wants to settle the corruption probe that involved the sudden arrests of royals and billionaires this month. The purge has been welcomed by many in Saudi Arabia.
“The government is looking to send a firm message in the recent sweep,” said a source.
“Settlements are a standard way to move forward in most countries, recovering lost assets while allowing business leaders to potentially continue building and diversifying the economy.”
BBC’s Lyse Doucet became the first journalist to be allowed inside the Ritz-Carlton. A video of her tour inside the hotel was put up on the BBC website yesterday.