ECONOMY

Saudi central bank says corruption probe not hurting companies, banks

Saudi stocks rebound after falling amid corruption investigations. (Reuters)

Saudi Arabia’s central bank sought to reassure the business community on Tuesday that a sweeping anti-corruption investigation would not hurt the economy, saying companies and banks could operate as normal.

At the request of the attorney-general, the central bank is freezing personal bank accounts of suspects pending court rulings on their cases, but it is not suspending operations of their companies, the bank said in a statement.

“In other words, corporate businesses remain unaffected. It is business as usual for both banks and corporates,” the central bank said, adding that there were no restrictions on money transfers through proper banking channels.

Dozens of royal family members, officials and business executives have been detained in the crackdown and are facing allegations of money laundering, bribery, extorting officials and taking advantage of public office for personal gain.

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Last Update: Wednesday, 8 November 2017 KSA 22:05 - GMT 19:05
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