Saudi Purge Goes Nuclear: Over 1,200 Bank Accounts Frozen | Zero Hedge
Description: Saudi Arabia took its "money laundering" crackdown to the next level on Tuesday when Saudi banks reportedly froze more than 1,200 accounts belonging to individuals and companies in the kingdom as part of the government’s countercoup "anti-corruption purge."
Keywords: Zero Hedge,Zerohedge,Finance,Economics,Markets,Politics,Analysis,Creditors,Reuters,Saudi Arabia
Date: 2017-11-07T00:00:00Z

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# Saudi Purge Goes Nuclear: Over 1,200 Bank Accounts Frozen

by Tyler Durden
Nov 7, 2017 12:36 PM
0
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One day after we reported that Saudi Arabia has started to freeze the accounts of the dozens of arrested royals, ministers and businessmen, in the process allowing Mohammed bin Salman to further cement control over the Kingdom, the Kingdom has taken its "money laundering" crackdown to the next level and on Tuesday, Saudi banks have frozen more than 1,200 accounts belonging to individuals and companies in the kingdom as part of the government’s anti-corruption purge, bankers and lawyers told Reuters, adding that "the number is continuing to rise."

Since the "countercoup" on Sunday, the Saudi central bank has been expanding the list of accounts it is requiring lenders to freeze on an almost hourly basis, a regional banker told Reuters, and while he did not name the companies affected , he said they included listed and unlisted firms across many sectors.

The banker also said that if the freezes stayed in place for long, they could start to hurt day-to-day business activities such as paying staff and creditors or making other transactions. A second banker said, however, that most of the frozen accounts belonged to individuals rather than companies, and that banks were being allowed by the regulator to continue to fund existing commitments.

In an e-mailed statement, the Saudi Arabian Monetary Authority, or SAMA, said suspension of bank accounts of “persons of interest” is in response to Attorney General’s request pending the legal cases against them, according to Governor Ahmed Abdulkarim Alkholifey says in emailed statement. SAMA clarified that individual accounts, rather than corporate businesses, have been put in suspension until final court rulings, and explained that - for now - corporate businesses remain unaffected, which means that are no restrictions on money transfers through proper banking channels. Assuming, of course, one isn't an "individual" on MbS's black list, and the money in the bank has effectively been nationalized.

For now, it remains unclear what the total potential haul from the bank account crackdown would be. Yesterday we reported that just the 4 billionaires named previously, and who were arrested over the weekend including Pricne Alwaleed, have no less than $33 billion in net worth at risk.

Among top business executives detained in the probe are billionaire Prince Alwaleed bin Talal, chairman of investment firm Kingdom Holding; Nasser al Tayyar, founder of Al Tayyar Travel; and Amr al-Dabbagh, chairman of builder Red Sea International. The stocks of all three companies, which have issued statements saying they continue to operate as normal, plunged another 9-10% on Tuesday.

So when could the confiscatory process end? As we jokingly suggested yesterday, the ruling Saudi royal family has realized that not only can it crush any potential dissent by arresting dozens of potential coup-plotters, it can also replenish the country's foreign reserves, which in the past 3 years have declined by over $250 billion, by confiscating some or all of their generous wealth, which is in the tens if not hundreds of billions. If MbS continues going down the list, he just may recoup a substantial enough amount to what it makes a difference on the sovereign account.

He will naturally also provoke enough anger to start civil unrest, if not a domestic war, but let's cross that bridge when we get to it.

- Reuters
- Creditors
- Saudi Arabia

- Printer-friendly version
- Nov 7, 2017 12:36 PM
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rejected Nov 7, 2017 12:39 PM

Yep,,,One of America's proud allies.

peddling-fiction rejected Nov 7, 2017 12:43 PM

More than 2000+ Cataluñan companies went AWOL.

The reset is coming soon.

The Phoenix demands ashes, no less.

Pinto Currency peddling-fiction Nov 7, 2017 12:53 PM

House of Saud has skimmed $10s of Trillions in oil revenue.

Seizing less than 1%, locking-up a few perps, leaving Sauds in power does not resolve the fact that the whole House of Saud is coming down - and it is on.

Ltr. from Amb. W. Morris re. Sauds skimming 20% of oil revenue:

http://image.guardian.co.uk/sys-files/Guardian/documents/2007/05/29/ch04doc01.pdf

Bay of Pigs Pinto Currency Nov 7, 2017 1:00 PM

"This is a big fucking deal".

Drunken Uncle Joe Biden

BaBaBouy Bay of Pigs Nov 7, 2017 1:17 PM

Whaaaat ... Keynesian Paper Faits Bankster Money is not Safe ???

E5 Bay of Pigs Nov 7, 2017 1:25 PM

That's right, but Uncle Joe Biden and his brother wrote the PATRIOT act and Alwaleed arranged for 9/11. The new King is going to provide the evidence to the world and purge the perps. THE CIA IS TERROR I FIED

Mr. Universe E5 Nov 7, 2017 4:42 PM

Kinda brings home the point that if you don't hold it, you don't own it.

misalkin Mr. Universe Nov 7, 2017 4:55 PM

Stupid House of Saud. Why do they use bank accounts? You can't freeze BITCOIN/LTC account.

Thought Processor peddling-fiction Nov 7, 2017 12:54 PM

Simple two-fold tactic used throughout the ages: 1) Get rid of adversaries while 2) simultaneously refilling your own coffers.

The optimised objective of every conflict known to man.

BennyBoy Thought Processor Nov 7, 2017 1:03 PM

Next up: Claw back the $millions they "gave" to the Clinton Criminal Foundation.

khnum BennyBoy Nov 7, 2017 1:09 PM

They can refund my countries contributions to the Clinton Protection racket foundation while they are at it

Scuba Steve BennyBoy Nov 7, 2017 1:24 PM

I'm guessin thats why things are un-raveling for Clinton-Obama crime ring ... secrets are leaking.

People want to be paid ... "Fuk you, pay me" and/or "Fuk you, pay me back the money I gave you big losers"

ATM Scuba Steve Nov 7, 2017 5:23 PM

I keep wondering if Trump isn't behind some of this stuff. He has some of his own people in the spook services now. Perhaps they fed the Sauds the names of the thieves?

Shit just keeps getting better and better.

Now if only the fucking Clintons and Obama were made to approach the guillotine....... sigh.

HRClinton rejected Nov 7, 2017 1:12 PM

Too bad they couldn't freeze their BTC wallets!

Their material assets (estates, toys, antiques, art, PM, jewels) all got confiscated. Guns and Swords too.

And now bank balances too: "And it's gone!"

Got BTC, bitchez?

(What say you now, Gold Timers? Any clever comebacks or solutions? I can wait. Tick, tock...)

LawsofPhysics HRClinton Nov 7, 2017 1:35 PM

So you think bitcoin will be the new preferred collateral for all central banks (like gold is now)?

Do tell, do tell. One thing is for sure, I can access all my ounces without the internet or power!

I guess once the government demands that you pay taxes in bitcoin, you will know the truth.

LOL indeed!

gilhgvc HRClinton Nov 7, 2017 1:52 PM

idiot, after all the hackers get done cryptos are dead. all the Crown Prince need do is kill the net in SA. Bitcoin is fiat by another name

gilhgvc HRClinton Nov 7, 2017 1:56 PM

http://www.zerohedge.com/news/2017-11-07/ethereum-slides-after-coding-bu...

Bunga Bunga Nov 7, 2017 12:39 PM

The Sauds got cypressed, LOL.

YUNOSELL Bunga Bunga Nov 7, 2017 12:43 PM

Now that's the way you tax the 1%

4shzl YUNOSELL Nov 7, 2017 1:09 PM

> "confiscating some or all of their generous wealth"

LOL -- gimme a break! There is no private wealth in KSA, only loot!

HRClinton Bunga Bunga Nov 7, 2017 1:26 PM

Tomorrow you'll see a Sovereign Man article on ZH: "Got a Plan B?"

A: Yes I do, Simon. It does not consist of getting my domestic assets stolen or taxed.

Nor does it include "friction/parasitic losses" on bullion (transport, insurance, storage, and buy/sell spreads).

It's Cash, gold and Crypto in an offshore secure private storage at $100/yr, MFers! And a nice apt. with great location, weather and view -- that's rented when I'm not there... and registered to a cut-out LLC that I own. No US tax exposure to that!

What's your Plan B, Mofos? Coins, brass and beans in your basement or "Back 40"? Woo-hoo! Live it up.

Scuba Steve HRClinton Nov 7, 2017 1:29 PM

1) Chest full labeled "Septic Tank Cleaning Supplies"

2) Cabinet full of Repeating Arms and plenty of lead.

3) Cabin on a high point.

I'm simple ... the kids can live in the matrix until they come to their senses.

gilhgvc HRClinton Nov 7, 2017 1:55 PM

for all you crypto idiots : http://www.zerohedge.com/news/2017-11-07/ethereum-slides-after-coding-bu...

Buddha 71 HRClinton Nov 7, 2017 2:08 PM

you ll also need a magic carpet to get away to enjoy your hidey hole.

Two-bits Nov 7, 2017 12:39 PM

How many have ties to the Clinton foundation or Podesta group?

RumpleShitzkin Two-bits Nov 7, 2017 12:44 PM

Shit tons.

Now you’re getting warmer. Finally someone asking the right questions.

peddling-fiction RumpleShitzkin Nov 7, 2017 12:47 PM

You've got to pay to play.

They are "players".

RumpleShitzkin peddling-fiction Nov 7, 2017 12:49 PM

They don’t just wash Pizza Hut table clothes over there, either.

They can wash some cheese for ya too. Easy peasy.

They are also very charitable, don’t ya know?

Ramesees Nov 7, 2017 12:40 PM

I knew this was all in the works when I read about the feudal system of payments to the lords in SA combined with the loss of petro revenue due to fracking in non-OPEC countries, but damn, it's quite convulsive when it actually happens.

Like, I used to talk glibly about how SA was going to implode. Now that it's actually happening, I wish I hadn't been so insouciant.

In a few years, I'm sure I'll feel the same way about the breakup of the Euro.

BlindMonkey Ramesees Nov 7, 2017 1:01 PM

+ American Civil War 2.0.

Lots of us here are looking forward to it....until it happens.

CrimsonAvenger Ramesees Nov 7, 2017 1:16 PM

Insouciant? PCR, is that you?

RafterManFMJ Ramesees Nov 7, 2017 5:32 PM

Well, we found Paul Craig Robert’s secret ZH account.

wisehiney Nov 7, 2017 12:39 PM

World governments all thank the great mullah for the lesson in how to replenish the treasury.

Turin Turambar Nov 7, 2017 12:41 PM

Meh, this is amateur hour. Just wait until the US government does it to pension funds and retirement accounts by seizing the funds and guaranteeing some kind of minimum return in exchange because it's too RISKY, and you're too stupid to handle your own money. :-O

ted41776 Turin Turambar Nov 7, 2017 12:51 PM

"your money" is nothing more than what some pedo in DC thinks your time and energy is worth on any given day

darkstar7646 ted41776 Nov 7, 2017 2:02 PM

Now you're getting it...

Both that your money is not yours -- and the fact that hard work is useless.

Winston Churchill Turin Turambar Nov 7, 2017 12:48 PM

Paid in FedCoin only along with a UBI for all the rest of us.

The sheep will take the bait,TPTB truly understands greed,its the only emotion they share

with humans.

See how easy that was, not even basic psychology 101.

khnum Turin Turambar Nov 7, 2017 1:05 PM

What retirement funds Wall Street has already looted them your savings are next.

ted41776 Nov 7, 2017 12:42 PM

looks like they Seth Rich'd some folks

resistedliving Nov 7, 2017 12:42 PM

there will be blowback. brace yourselves. this cud get ugly

buzzsaw99 resistedliving Nov 7, 2017 12:44 PM

yeah, i'll brace myself, while making popcorn.

Winston Churchill Nov 7, 2017 12:43 PM

It could never happen here.

Thats what all of them thought also.

RumpleShitzkin Winston Churchill Nov 7, 2017 12:46 PM

Anyone seen the DC fed court docket lately?

How many sealed indictments are sitting in there?
I wonder.

Pernicious Gold... RumpleShitzkin Nov 7, 2017 1:54 PM

What happened to the dozen that were supposed to be unsealed yesterday?

SuperRay Winston Churchill Nov 7, 2017 12:51 PM

All I want to know is - is it good for PM's?

RumpleShitzkin Nov 7, 2017 12:43 PM

Does everyone here think this is just some coincidence?

Shit is going down right fucking now, folks.

Stormy weather ahead. Hold on tight.

And get yourself to 4chan if you want a clue or two...

corporatewhore RumpleShitzkin Nov 7, 2017 12:51 PM

calm before the storm.

RumpleShitzkin corporatewhore Nov 7, 2017 12:53 PM

That’s what the fella said. And it’s going down just like that.

semperfi RumpleShitzkin Nov 7, 2017 12:53 PM

the storm is upon us - and just getting started

1 SA
2 US
3 Asia
4 EU

(says 4chan)

francis scott f... semperfi Nov 7, 2017 3:17 PM

> You just feeling the storm today?

> What about the two hurricanes Harvey?

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