freedom

Saudi authorities are striking agreements with some of those held in an alleged anti-corruption crackdown, asking them to hand over assets and cash in return for their freedom, according to sources familiar with the matter. The deals involve separating cash from assets, such as property and shares, and looking at bank accounts to assess cash values. Dozens of princes, senior officials and businessmen, including cabinet ministers and billionaires, have been arrested in this month’s sweeping crackdown, which is being seen as an attempt to strengthen the power of Crown Prince Mohammed bin Salman. Among those arrested was billionaire Prince Alwaleed bin Talal, one of the kingdom’s most prominent businessmen. One businessman reportedly had tens of millions of Saudi riyals withdrawn from his account after he signed the deal. In another case, a former senior official consented to hand over ownership of four billion riyals (roughly $1.06bn) worth of shares, the source said. The Saudi government earlier this week moved from freezing accounts to issuing instructions for “expropriation of unencumbered assets” or seizure of assets, said a second source familiar with the situation.