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Saudi Arabia: Fighting Corruption is Crucial for Sustainable Growth of National Economy

Saudi Arabia: Fighting Corruption is Crucial for Sustainable Growth of National Economy

Wednesday, 8 November, 2017 - 10:30
Crown Prince Mohammed bin Salman Council of Economic Affairs and Development (SPA)

Crown Prince Mohammed bin Salman bin Abdulaziz, Deputy Premier and Chairman of the Council for Economic Affairs and Development, presided a regular meeting of the Economic Affairs Council at al-Yamamah Palace on Tuesday.

The Council reviewed a series of economic and development issues precisely the recent Royal Decree to establish a supreme committee for the investigation of public corruption and the investigation with several figures.

The council stated that tackling corruption within the rule of law and preventing the waste of public funds was crucial for the sustainable growth of the national economy, and for the fair treatment of all Saudis.

The Council stressed that the government of the Custodian of the Two Holy Mosques was fully committed to protecting the rights of individuals under investigation and would ensure their fair treatment by the justice system.

The Crown Prince instructed the relevant ministers to ensure that national and multinational companies operating inside and outside the Kingdom, including those wholly or partly owned by individuals under investigation, were not disrupted while investigations into corruption were underway

The Council recognized the importance of these companies for the national economy, and the importance of ensuring that investors could operate with confidence in Saudi Arabia.

In related news, Saudi Arabian Monetary Authority (SAMA) said late Tuesday the bank accounts of suspects detained in an anti-corruption probe have been frozen.

SAMA issued a statement explaining that the decision to suspend the bank accounts of some individuals was in response to the Attorney General's request pending investigations in their cases, and it is limited to the suspects’ personal bank accounts have been suspended, leaving corporate businesses unaffected and operational. It added that there were no restrictions on money transfers through proper banking channels.

"It is worth clarifying here that concerned individual accounts rather than their corporate businesses have been put in suspension until final court rulings. In other words, corporate businesses remain unaffected. It is business as usual for both banks and corporate," the statement said.

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