Saudi regulator suspends trading accounts linked to corruption probe

Saudi Arabia’s Capital Market Authority has frozen the trading accounts of individuals enveloped in the kingdom’s corruption purge, according to reports.

Bloomberg cited sources as confirming the market regulator had asked brokerages to suspends the accounts of dozens of princes, billionaires and officials that are being held so they are unable to buy or sell shares on the Saudi stock exchange.

The kingdom also froze the accounts of individuals under investigation last week. Similar measures are being undertaken for accounts in the UAE and Kuwait.

Attorney general Sheikh Saud Al Mojeb said last Thursday that at least $100bn of fund had been misused through “systematic corruption and embezzlement over several decades”.

He confirmed 208 people had been questioned and seven had been released without charge.

Among those arrested are Saudi billionaire Prince Alwaleed bin Talal, minister of the national guard Prince Miteb bin Abdullah and Al Tayyar Travel board member Nasser bin Aqeel al-Tayyar.

The arrests saw almost $19bn wiped off of Gulf Cooperation Council exchanges last week.

Gulf Business | Thursday, 16 November, 2017