Saudi government to seize over $100B in 'corruption crackdown'

Saudi Arabia's government hasarranged to seize over $100 billion US in financial settlementswith businessmen and officials detained in its crackdown oncorruption, the attorney general said Tuesday.

"The estimated value of settlements currently stands at morethan 400 billion riyals [$106 billion US]represented in various types of assets, including real estate, commercial entities,securities, cash and other assets," Sheikh Saud Al Mojeb said ina statement.

The huge sum, if it is successfully recovered, would be amajor financial boost for the government, which has seen its finances strained by low oil prices. The state budget deficitthis year is projected at the equivalent of$52 billion US.

The announcement also appeared to represent a politicalvictory for Crown Prince Mohammed bin Salman, who launched thepurge last November and predicted at the time that it would netabout $100 billionin settlements.

Dozens of top officials and businessmen were detained in thepurge, many of them confined and interrogated at Riyadh'sopulent Ritz-Carlton Hotel.

56 people still in custody

Critics say the crown prince has used the purge against high-level individuals to wrangle control of key Saudi companies, sideline potential rivals and silence critics alarmed by his rapid rise to power as he prepares to inherit the throne from his father, KingSalman.

In total, the investigation subpoenaed 381 people, some ofwhom testified or provided evidence, Mojeb said, adding that 56people had not reached settlements and were still in custody,down from 95 early last week. Some cases are expected to go fortrial, authorities have said previously.

Over 100 detainees are believed to have been released.Billionaire Prince Alwaleed bin Talal, owner of global investorKingdom Holding, and Waleed al-Ibrahim, who controlsinfluential regional broadcaster MBC, were freed last weekend.

Despite repeated statements that the purge is nearly over, investors remain concerned about doing business in Saudi Arabia, where key business partners and firms could still be targeted. The government has also not officially released the names of individuals detained nor disclosed the specific allegations against them, leading to concerns of transparency and accountability.

There is also concern that royal family members stung by the sweep and businessmen forced to handover significant financial assets or control of their companies could try and seek some form of retaliation.