Business Standard

Saudi Arabia sets up anti-corruption office

IANS  |  Riyadh 

has set up an office to monitor state spending and expand the fight against corruption, reported on Tuesday.

The setting up of Nazaha, the anti-corruption office, will end the 15-month anti-corruption crackdown led by 34-year-old Saudi

The crackdown in November 2017 saw hundreds of elite princes, ministers and held at the luxury in the Saudi capital. While many were detained for weeks in the upmarket hotel, most were released after agreeing to significant financial settlements.

Bin Salman, colloquially known as MbS, had defended his campaign as "shock therapy" in a bid to develop and diversify the economy. He said the crackdown would continue under the office, which would be part of the

The royal court said the crackdown resulted into $106 billion for the state exchequer via settlements. The government summoned 381 people, some as witnesses, under the campaign.

It said 87 people confessed to charges against them and reached secret settlements that included forfeiture of real estate, companies, cash and other assets, according to SPA.

Saudi Arabia's anti-graft sweep was labelled by some critics as a shakedown and power grab, but authorities insisted the purge targeted endemic corruption.

Saudi Salman bin Abdulaziz Al Saud, 84, who assumed power on January 23, 2015, said the government would continue to protect public funds.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 05 2019. 19:10 IST
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