Saudi Arabia Says Only Private Accounts Suspended in Crackdown [Bloomberg Business News]
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Source: Bloomberg Business News
Saudi Arabia said it has only frozen the bank accounts of individuals and not those of the companies they own or manage, as the kingdom seeks to ease tension among global investors over a crackdown that’s seen princes and billionaires arrested. The action, described by Saudi authorities as an anti-corruption drive, applies only to individual accounts held by “persons of interest,” and not to corporate ones, Saudi Arabian Monetary Authority Governor Ahmed Abdulkarim Alkholifey said in a statement on Tuesday. “It is business as usual for both banks and corporates,” he said, adding that there are no restrictions on money transfers “through proper banking channels.” The arrests, which included Prince Alwaleed bin Talal, one of the world’s richest men and a shareholder in such global companies as Citigroup Inc. and Apple Inc. , have reverberated across board rooms and financial institutions in the biggest Arab economy and globally. Earlier, three people
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