Saudi Arabia’s anti-graft sweep was led by Crown Prince Mohammed bin Salman.
Published in Arabian Business, on Feb 6th, 2019, By Sam Bridge
Announcement comes after Saudi Arabia ends anti-corruption probe that boosted the state coffers by more than $100bn
Saudi Arabia has reportedly launched a new office to monitor state spending as part of its ongoing fight against corruption.
The financial reporting office would be part of the state’s General Auditing Bureau, public prosecutor Saud al-Mojeb was quoted as saying on Monday by state news agency SPA, Reuters reported on Tuesday.
“Corruption is not restricted to a specific company or government sector. The concerned authorities will be monitoring,” he said.
Last week, Saudi Arabia announced the end of a high-profile anti-corruption probe that boosted the state coffers by more than $100 billion and has left dozens detained.
The crackdown on graft launched in 2017 saw hundreds of elite princes, ministers and businessmen held at the luxury Ritz-Carlton hotel in the Saudi capital Riyadh.
Many were detained for weeks in the upmarket hotel, but most were released after agreeing significant financial settlements.
An additional eight people have seen their cases referred to the public prosecutor after they refused to reach settlements.
During the probe more than SR400 billion ($107 billion) were recovered by the state “in the form of real estate, companies, cash, and other assets”.
Saudi’s anti-graft sweep led by Crown Prince Mohammed bin Salman has been labelled by some critics as a shakedown and power grab, but authorities have insisted the purge targeted endemic corruption.