Saudi authorities are negotiating a price for the freedom of princes and businessmen held over allegations of corruption, the Financial Times reported.

The Saudi government is looking to appropriate as much as 70 percent of a suspect’s wealth in some cases, the Financial Times reported Thursday, citing sources which could not be verified by CNBC. The settlements have the potential to channel hundreds of billions of dollars into depleted state funds.

At the start of November, Crown Prince Mohammed bin Salman suddenly ordered the arrest of powerful royals and businessmen. Kingdom officials described the extraordinary purge as a crackdown on corruption while others called the exercise a power grab meant to smooth the way for the 32-year-old’s anticipated rise to the throne.

The crackdown resulted in the detention of hundreds of royals, ministers and some of the Saudi Arabia’s richest tycoons. Among those removed from power was billionaire Prince Alwaleed Bin Talal, the founder of the Middle East Broadcasting Center.

Read the full article at the Financial Times.

Source: cnbc
Saudi officials reportedly offer freedom to arrested royals — in exchange for 70% of their wealth