• Saudi Billionaires Look for Ways to Protect Assets From Any Government Purge - Bloomberg

    Some Saudi billionaires and millionaires are selling investments in neighboring Gulf countries and turning them into cash or liquid holdings overseas to avoid the risk of getting caught up in the sweep, people familiar with the matter said this month. Few, however, are trying to shift money out of Saudi Arabia amid fears of attracting unwanted attention from authorities, they said.

    The crackdown has involved some of the kingdom’s richest families who for decades have benefited from close relations with the country’s rulers. These ties have helped them win major contracts and partner with international companies seeking a foothold in the Arab world’s biggest economy.

    One senior Saudi official, who asked not to be named, said over the weekend suspects are being offered settlements to avoid trial. If they accept, talks are held with a special committee to work out the details. Authorities estimate they may be able to recover between $50 billion and $100 billion from settlement agreements, the official said.

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