Saudi unit to manage settlements from corruption crackdown

Saudi Arabia is reportedly planning to set up an organisation to manage assets handed over as settlements by those held under its corruption crackdown.

Bloomberg cited sources as confirming the kingdom is talking to consultants about how to setup the entity, which will evaluate and potentially sell holdings handed over by businessmen, royals and former government officials.

Hani Halawani, head of direct investments at Public Investment Fund unit Sanabil Investments, will help run the organisation, according to the report.

Last week, Saudi Arabia’s attorney general said most people detained since in the sweeping anti-corruption campaign that began in early November had agreed to settle to avoid prosecution.

In a statement, the public prosecutor said 320 had been subpoenaed to provide information about alleged corruption, 159 remained in detention and “a number” had been referred for judicial action.

Those that refuse to settle are referred to the public prosecutor for additional investigation and potential prosecution.

Read: Saudi says most people detained in anti-corruption sweep have settled

Few have been identified other than a handful of big names including the kingdom’s most well known businessman Prince Alwaleed bin Talal, who is believed to be still under arrest.

Former head of the National Guard Prince Miteb bin Abdullah was freed at the end of November after handing over more than $1bn, an official said.

Authorities are hoping to recover up to $100bn from the settlements.

Read: Saudi expects to recover up to $100bn from corruption settlements