Saudi Banks Begin Freezing Accounts Of Arrested Royals, Private Jets Grounded | Zero Hedge
Description: Saudi Arabian banks have begun freezing the accounts of suspects ensnared in an anti-corruption probe, while in order to prevent royals from quietly fleeing the country, a no-fly list has been drawn up and security forces in some Saudi airports were barring owners of private jets from taking off without a permit.
Keywords: Zero Hedge,Zerohedge,Finance,Economics,Markets,Politics,Analysis,Bill Gates,Central Banks,Iran,Middle East,Newspaper,Reuters,Saudi Arabia
Date: 2017-11-06T00:00:00Z

### German Investors Now World's Largest Gold Buyers

by GoldCore - Nov 6, 2017 7:50 AM

German investors now world's largest gold buyers. €6.8 Bln spent on German gold investment products in 2016, more per person than India and China (see important table)

### Two Critical Charts For Investing Successfully Over the Next 12 Months

by Phoenix Capital... - Nov 6, 2017 9:46 AM

Investing in the markets is like playing poker, and this was a massive “tell” that the market had changed.

### Heat Death of the Economic Universe, Report 5 Nov 2017

by Monetary Metals - Nov 6, 2017 8:13 AM

The concept of heat death can be applied to economics: will credit continue to grow, and with it the economy or will some force prevent slow and stop it?

# Saudi Banks Begin Freezing Accounts Of Arrested Royals, Private Jets Grounded

by Tyler Durden
Nov 6, 2017 9:18 AM
0
SHARES

Two days after the most stunning purge in recent Saudi history, the so-called "anti-corruption probe" - which was really a countercoup - that led to the arrest of dozens of Saudi Arabian royals, ministers and businessmen allowing Mohammed to further cement control over the Kingdom, appeared to be widening on Monday when, as Reuters reports, Saudi banks begun freezing the accounts of those arrested. The Saudi central bank ordered commercial banks to freeze the accounts of people under investigation in the probe, the Reuters sources said, adding that the number of accounts affected could run into the hundreds, although the names of those affected have yet to emerge.

“The freezing of accounts has already happened,” said another source. “The freezing is a precautionary measure that will end as soon as the suspects are either charged or pronounced innocent.” Considering that prince Alwaleed alone has over $19 billion in assets, including nearly a billion dollars in jewelry, plans, yachts, furniture and cash...

... the local central banks may have "accidentally" found an unexpectedly efficient way of refilling Saudi's dwindling foreign reserve account.

At the same time, fears of a broader crackdowns were spreading, and as Bloomberg reported this morning, the Olayan family, which runs one of Saudi Arabia’s biggest conglomerates, is putting plans to sell shares in some of its local assets on hold "amid slow economic growth in the kingdom." What it means is that right now it is a good idea to keep a very low profile.

> Olayan Financing Co., which controls the billionaire family’s investments in the Middle East, decided not to proceed with an initial public offering of a holding company of about 20 local units, the people said, asking not to be identified because the discussions are private. Plans for the sale of the holding company, which may worth as much as $5 billion, could be revived in the future, they said.

> Olayan had been working with Saudi Fransi Capital on the planned sale that could have happened as early as next year, people familiar with the matter said in March. It’s also working with HSBC Holdings Plc’s local unit on the 30 percent sale of its Health Water Bottling Co., people said in May. The IPOs would be the first time Olayan Financing sold shares in one of its Saudi businesses since at least 2000. The family still plans to proceed with the IPO of its water business, the people said.

Such fears appear justified, because as Reuters writes, the crackdown continued on Monday when the founder of one of the kingdom’s biggest travel companies was reportedly detained. Al Tayyar Travel plunged 10% in the opening minutes after the company quoted media reports as saying board member Nasser bin Aqeel al-Tayyar had been held by authorities. The company gave no details but online economic news service SABQ, which is close to the government, reported Tayyar had been detained as part of the anti-corruption probe.

Many more are coming: the front page of leading Saudi newspaper Okaz challenged businessmen on Monday to reveal the sources of their assets, asking: “Where did you get this?” in bright red text. Another headline from Saudi-owned al-Hayat warned: “After the launch (of the anti-corruption drive), the noose tightens, whomever you are!”

Meanwhile, to prevent royals from quietly fleeing the country, a no-fly list has been drawn up and security forces in some Saudi airports were barring owners of private jets from taking off without a permit, pan-Arab daily Al-Asharq Al-Awsat reported.

And as the crackdown extended, so did the confusion, and many analysts were puzzled by the targeting of technocrats like ousted Economy Minister Adel Faqieh and prominent businessmen on whom the kingdom is counting to boost the private sector and wean the economy off oil.

“It seems to run so counter to the long-term goal of foreign investment and more domestic investment and a strengthened private sector,” said Greg Gause, a Gulf expert at Texas A&M University. “If your goal really is anti-corruption, then you bring some cases. You don’t just arrest a bunch of really high-ranking people and emphasize that the rule of law is not really what guides your actions. It just runs so counter to what he seems to have staked quite a lot of his whole plan to.”

Robert Jordan, former U.S. Ambassador to Saudi Arabia, says on Bloomberg TV, said that the Saudi Crown Prince’s anti-corruption drive, which included detaining Prince Alwaleed bin Talal, was "almost the equivalent of arresting Bill Gates."

"The Saudis have come to a fork in the road and they have taken it," he said adding that "this is about the most breathtaking revelation I think we could possibly have imagined."

The reforms have been well-received by much of Saudi’s overwhelmingly young population, but caused resentment among some of the more conservative old guard, including parts of the Al Saud dynasty frustrated by Prince Mohammed’s meteoric rise. “It’s overkill - and overkill in a way that makes it harder to achieve his long-term objectives,” said Gause.

Meanwhile, in a more troubling escalation, overnight The Saudi-led military coalition said on Monday it would temporarily close all air, land and sea ports to Yemen to stem the flow of arms from Iran to Houthi rebels after a missile fired toward Riyadh was intercepted over the weekend. Saudi Arabia has been involved in a two-year-old war in Yemen, where the government says it is fighting Iran-aligned militants, and into a dispute with Qatar, which it accuses of backing terrorists, a charge Doha denies. Detractors of the crown prince say both moves are dangerous adventurism. Saudi's focus now appears to have turned to Iran, and with the war drums beating louder, some wonder how long before the increasingly chaotic events in Saudi Arabia lead to another Middle-east war.

- Bill Gates
- Iran
- Reuters
- Central Banks
- Middle East
- Saudi Arabia
- Newspaper

- Printer-friendly version
- Nov 6, 2017 9:18 AM
- 77

## Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Giant Meteor Nov 6, 2017 9:22 AM

Pay back is a bitch ..

As an aside ..

Clinton Global Grifting Initiative ..

Look into it ..

ParkAveFlasher Giant Meteor Nov 6, 2017 9:25 AM

What I need right now, is more Jim Willie.

rubiconsolutions ParkAveFlasher Nov 6, 2017 9:28 AM

So now the House of Saud is the moral compass in Saudi Arabia? Puhleeze.

tmosley rubiconsolutions Nov 6, 2017 9:33 AM

No, Trump is the moral compass of Saudi Arabia.

This is part of that "most powerful man in the free world" bit. We have had a series of extremely weak leaders who have lead us to forget what that means.

Jim in MN tmosley Nov 6, 2017 9:41 AM

More tweets, less bombs = world peace and doubled economic growth.

Fun watching the worms squirm, that would trade the blood of children for their own power and greed.

They are squirming harder and harder, as it will soon become clear that world peace for Christmas is truly a gift worth savoring.

CuttingEdge Jim in MN Nov 6, 2017 9:52 AM

Civil Asset Forfeiture is a bitch...

<cough>

George Soros is worth shitloads more than this raghead.

<cough>

Freddie CuttingEdge Nov 6, 2017 10:18 AM

The word is the new king wanted some of Al Waleeds investment money. I.E. Saudi Arabia is going broke like pension plans in Illinois, Kentucky, CT and other places.

They want that money. The new king or new blood are not any better. They want to build that $500 billion new city right on the border as close to Israel as they can get.

I wonder when the Sunni of the world will wake up and see that the House of Saud is not their friend and stop fighting the Shia.

The helicopter crash was probably princes fleeing Suadi Arabia because all jets are grounded. They were probably trying to get to Yemen then to Europe. LOL!

Saudi Arabia is going broke. The oil is running out and they are being exposed as shills for Isrihell.;

abyssinian Freddie Nov 6, 2017 11:20 AM

No Bitcoins on the list? oh wait... they can't freeze Bitcoins! :)

Giant Meteor rubiconsolutions Nov 6, 2017 9:35 AM

Moral compass does not apply here , only a who's who of who got caught in the cookie jar ..

Let them self destruct, hell it's all the rage ..

Also, this just might be partial retribution for backing the wrong horse, as there is no percentage in that ..

All these seemingly "disconnected and unrelated events" are, of course wholly connected ..

In short, no coincidences ..

I woke up Giant Meteor Nov 6, 2017 9:30 AM

Did the Saudi's smuggle out the Bush family this time?

Freddie I woke up Nov 6, 2017 10:21 AM

Were they able to get that Saudi boy or ferret out of Jeb's AzzHole?

Badsamm Giant Meteor Nov 6, 2017 11:10 AM

Give’m hell Houthis!

buzzsaw99 Nov 6, 2017 9:21 AM

oh man do i love this.

spanish inquisition Nov 6, 2017 9:21 AM

How much is his private security group worth? Might want to keep an eye on that asset.

aloha_snakbar Nov 6, 2017 9:22 AM

I heard they even put one of those boot devices on their camels...

syzygysus aloha_snakbar Nov 6, 2017 9:33 AM

Funny as that may be...the bastard likely has a fleet of Lambos.

venturen aloha_snakbar Nov 6, 2017 10:20 AM

do you put it around the camel toe?

LawsofPhysics Nov 6, 2017 9:23 AM

This will continue as the Saudis are forced to make a choice regarding whether or not they support the petrodollar...

There will be serious consequences either way...

In the meantime...

"Full Faith and Credit"

Same as it ever was...

Son of Captain Nemo Nov 6, 2017 9:23 AM

CONVERSATION BETWEEN "DICK" ARMITAGE'S REPLACEMENT AND THE SAUDI ROYAL FAMILY "IN CHARGE"...

YOU EITHER KEEP YOUR USD$$$ HOLDINGS "INTACT" OR WE WILL NUKE YOU INTO THE "STONE AGE" AND BLAME IT ON THE RUSSIANS!!!

booboo Nov 6, 2017 9:23 AM

Wonder if burning oil rigs make for good smoke signals cause of I was one of the Circle i sure the hell would not be texting my plan of escape

Bill of Rights Nov 6, 2017 9:23 AM

Shits getting real over in sand nig Country...Here is hoping they blow sky high...

RagaMuffin Nov 6, 2017 9:24 AM

How do say Kristalnacht in Arabic ? ;-)

Giant Meteor RagaMuffin Nov 6, 2017 9:25 AM

Abu dabu don't go to the snack bar ..

land_of_the_few RagaMuffin Nov 6, 2017 10:12 AM

"Durka Durka Falafel"

God is The Son Nov 6, 2017 9:25 AM

I wonder if the CIA is the Advisor?

Giant Meteor God is The Son Nov 6, 2017 9:27 AM

Well, that'd be a safe bet ..

Winston Churchill Giant Meteor Nov 6, 2017 9:44 AM

Wrong side,its the CIA assets being rolled up from what I see.

A little CIA regime change caught in the bud ?

peddling-fiction Winston Churchill Nov 6, 2017 10:10 AM

The purged Saudi's may be the pro-Iranian group.

At least against attacking Iran.

So, it seems that a Sunni-Shia war may be looming.

Winston Churchill peddling-fiction Nov 6, 2017 10:33 AM

Its about geography not religion.

Pro Iranian groups, the wind changed when DJT got in,but the deep state hasn't got the memo,

and the CIA works for themselves.

0valueleft Nov 6, 2017 9:28 AM

Bush senior is technically dead, all deals are off.

Freddie 0valueleft Nov 6, 2017 10:31 AM

Satan is just finishing Poppy Bush's throne in hell. Hopefully, he and LBJ will burn in hell for eternity. Hey Poppy - want a glass of water?

Justin Case Nov 6, 2017 9:28 AM

Coundn't happen to any nicer sand digger camel jockies.

jamesmmu Nov 6, 2017 9:29 AM

Will they forced to sell the stocks?

I woke up jamesmmu Nov 6, 2017 10:04 AM

21214

Jim in MN Nov 6, 2017 9:31 AM

The KSA military is incapable of defeating ANY other nation in direct military conflict on their own.

Period.

I guess this has to be about which pigs get to stick their snouts in the ARAMCO trough. Whoever tried to route the privitization to Chinese (or Russian) interests has set off a hot, wet scrum.

Any better theories, let's hear 'em.

Without the USA, KSA armed forces go nowhere. That is where we need to apply pressure.

Only other option is nearly unthinkable: A huge, overt joint military op by Israel and the Saudis, WITHOUT the USA.

I mean, eeeeeewwwwwww. Talk about bad optics.

PEACE NOW, BABIES!!!!!!

MAGA

Freddie Jim in MN Nov 6, 2017 10:42 AM

On the ground in Sourthern Lebanon where there is some cover, the IDF is not very good. Even with Apache helicopters and the much hyped Merkava tank - Israel took a pounding in 2000 and 2006 from Hezbollah.

The Saudis and their hapless mercenaries in Yemen are even more pathetic.

Maybe Sunnis will wake up to see who the House of Saud really is. They are the real enemy not the Shia.

FYI - I respect Hezbollah because they came to the aid of Syria and ALL Syrians including Christians. Iran and Russia also aided Syria. You had Muslims fighting for Syria when Damascus at Christmas has Christmas lights everywhere.

GlassHouse101 Nov 6, 2017 9:30 AM

I'd be pissing my toga right now if I were King Salman.

Jim in MN GlassHouse101 Nov 6, 2017 9:31 AM

I thought that was normal for Saudi royalty.

JibjeResearch Jim in MN Nov 6, 2017 10:09 AM

It's the nature of being royalll lolz.....

Any other ways... is against royal culture... ahahaha

Number 9 Nov 6, 2017 9:34 AM

this is escalating quickly.

am wondering if i can make it to my bo location by the 10th b/4 this things goes boom..

GlassHouse101 Number 9 Nov 6, 2017 9:41 AM

What's so special about the 10th? & BO is stupid unless you live in a major city, or you have no choice

Dank fur Kopf Nov 6, 2017 9:32 AM

Easy way to make billions. Execute those with tons of money and take it from them.

Jealous big banks?

Dank fur Kopf Nov 6, 2017 9:32 AM

Easy way to make billions. Execute those with tons of money and take it from them.

Jealous big banks?

ciscokid Nov 6, 2017 9:35 AM

Me think it was an averted coup.

Dragon HAwk Nov 6, 2017 9:36 AM

Like a billionaire can't find a pilot who will take him incognito for a few bundles of cash.

german Wunderkind Dragon HAwk Nov 6, 2017 11:04 AM

i would take a boat. you can start from almmost every place on the coast, and its way harder to find you.

Winston Churchill Dragon HAwk Nov 6, 2017 11:17 AM

Maybe he only had BTC.

Catahoula Nov 6, 2017 9:39 AM

Take their money and make them disappear in the desert. Warms my heart with laughter to hear Awaleed ensnared. Clintons, Bushes shittin themselves Good times

RawPawg Nov 6, 2017 9:41 AM

asset seizure

that's how you pay for your new USA $300+ billion "Toys"

africoman Nov 6, 2017 9:41 AM

Whatever happening to Saudi arebia, forced resignationof Lebanise PM , throwing of Quatar under a train etc are all connected to the embaressing defete of Syrian regim change plot all for greater Isrhell project.

The result of w/c brings the opposite strengthen the Iranian influence by first their helping hand for good in defeteing terrorist.

So i am sure it's these events forced I$$rhahell to move and shake some of her assets visibly to start another front for war and get the desired outcome of failed Syrian project

It begins with Saud house of Card,its amazing all of these arab nations are infiltrated by this parasite

death to I$I$rhell

- 1
- 2
- next ›
- last »

## User login

Username: *
Password: *

- Create new account
- Request new password

To prevent automated spam submissions leave this field empty.

- New Comments
11-06 11:26: Would you say the same about (shovelhead)
11-06 11:26: Actually, rising interest (MagicMoney)
11-06 11:26: Different situation... We (rejected)
11-06 11:26: One day and it isn't that far (Fireman)
11-06 11:26: And the regional Goodwill CEO (Byrond)
11-06 11:26: That is not an argument. It (tmosley)
11-06 11:25: Anyone who servs as direcor (There)
11-06 11:25: Impeached for violating the (DownWithYogaPants)
11-06 11:25: isn't that where he met (1stepcloser)
11-06 11:25: Get on GAB.AI Twitter is (Pinto Currency)
- Today's Top Stories
1,211,546 - In Shocking Purge, Saudi King Arrests Billionaire Prince Bin Talal, Dozens Of Others In Cabinet Crackdown
455,864 - Texas Church Shooting Leaves 26 Dead; Suspect Was Dishonorably Discharged From Air Force
351,746 - Saudi Helicopter Carrying 8 High-Ranking Officials & Prince Bin-Muqrin Crashed Near Yemen Border - All Dead
104,543 - Trump Is About To Crush Home Prices In Counties That Voted For Hillary: Here's Why
64,828 - Saudis Call Missile Attack "Blatant Act Of Aggression" By Iran, "Could Be Considered Act Of War"
61,921 - Israel Begins "Largest-Ever Aerial Military Drill", As Saudis Consider Missile Strike "Act Of War"
58,026 - Preparing For EU Collapse
53,940 - Matt Taibbi Exposes The Great College Loan Swindle
51,243 - Each Bitcoin Transaction Uses As Much Energy As Your House In A Week
50,748 - The Richest Person On Each Continent

- Contact Information

Tips: tips [ at ] zerohedge.com

General: info [ at ] zerohedge.com

Legal: legal [ at ] zerohedge.com

Advertising: ads [ at ] zerohedge.com

Abuse/Complaints: abuse [ at ] zerohedge.com

Advertise With Us

- Suggested Reading

Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide

It would be very wise of you to study our disclaimer, our privacy policy and our (non)policy on conflicts / full disclosure. Here's our Cookie Policy.

How to report offensive comments

Notice on Racial Discrimination.

- RanSquawk News
11-06 11:13: ECB’s Nouy said ECB are worried that many banks are delaying...
11-06 11:13: Continental (CON GY) and Osram (OSR GY) are said to have formed an...
11-06 11:13: USD/TRY has moved to session lows amid reports that the US mission in...
11-06 11:13: RANsquawk sources note vague takeover talk for Devon Energy Corp. (...
11-06 11:13: RANsquawk sources note vague takeover talk for Xilinix (XLNX)-...
11-06 11:13: ECB Sovereign bond buys (PSPP) (3/Nov): EUR +7.923bln (Prev. +11....
11-06 11:13: Daily FX Wrap: CAD loses ground, not helped by oil slowdown.
11-06 11:13: Canadian Ivey PMI (Oct) 63.5 (Prev. 68.6)
- The Fly
11-06 11:13: Senator Harris investigating Alkermes over opioid treatment sales...
11-06 11:13: Mylan CEO: Demand for high-quality generics 'will not be going...
11-06 11:13: TherapeuticsMD price target raised to $16 from $13 at Cowen
11-06 11:13: Tivity Health sinks 18%, or $8.60, to $39.45
11-06 11:13: Liberty Expedia downgraded to Sector Perform on valuation at FBN...
11-06 11:13: Lockheed Martin awarded $26.6M contract from AFRL
11-06 11:13: Wynn Resorts call volume above normal and directionally bullish
11-06 11:13: SoftBank's Masayoshi Son says he could walk from Uber to Lyft,...
- Street Insider
11-06 11:13: ABB overhauls Power Grids, cuts U.S. and Swiss production
11-06 11:13: UPDATE: Sen. Harris Launches Investigation Into Alkermes (ALKS) Over Vivitrol Promotion
11-06 11:13: Carlisle Cos. (CSL) Declares $0.37 Quarterly Dividend; 1.3% Yield
11-06 11:13: T-Mobile (TMUS) call put ratio 1 call to 1.9 puts after ending merger negotiations
11-06 11:13: 3D Systems (DDD) Slides, Trades Near Session Low
11-06 11:13: EU resumes Bayer-Monsanto deal review; new deadline March 5
11-06 11:13: Standpoint Research Downgrades Qualcomm (QCOm) to Hold
11-06 11:13: Altice agreement 'not contingent' on T-Mobile talks failing: Sprint CFO