Page 46 - Bloomberg_Businessweek

POLITICS Bloomberg Businessweek January 29, 2018

The purge, led by Crown Prince Mohammed epidemic proportions,” says the senior official. “It
bin Salman, the 32-year-old son of King Salman, was as if the nation woke up and realized there
began without notice on Nov. 4, as authorities was good news and bad news: The bad news was
swept across the country rounding up hundreds that it had cancer. The good news was that it’s
of suspects, including some of the most prominent treatable, but we have to go through surgery, che-
citizens. Prince Alwaleed bin Talal, considered motherapy, radiation, and amputation.”
the richest man in Saudi Arabia, was detained, as One of the biggest mysteries is the fate of
was former Finance Minister Ibrahim Al-Assaf and Alwaleed. Three people following his case say he’s
Adel Al Fakeih, who was removed as minister of left the Ritz and wasn’t in prison—rather, he was
economy and planning on the eve of the arrests. held at another location as he negotiates an agree-
Prince Miteb, son of the late King Abdullah and ment. Three others, however, say he’s still at the “Those
minister of the powerful National Guard, was held hotel. In December two people with knowledge who express
and then released a few weeks later after agreeing of the matter said Alwaleed was balking at steep remorse and
to pay more than $1 billion. financial demands that would force him to give up agree to settle
News of the purge reverberated across board- control of his $9 billion holding company. will have
rooms, financial markets, and world capitals as Bloomberg was unable to meet with detainees any criminal
bankers, analysts, and diplomats sought to assess or to verify the attorney general’s claims that all of
its impact on the biggest Arab economy. Stocks them were allowed access to legal counsel. Two proceedings
in companies owned by detainees slumped. people who’ve spoken to some of them say not against them
Although Saudi Arabia is trying to become more everyone was given access to lawyers or let out of dropped”
open, the probe was conducted in a “pretty non- their rooms except for questioning. Al Mojeb denies
transparent way,” Moritz Kraemer, global chief the suspects’ rights were violated and says the anti-
rating officer at S&P Global Ratings, said in a graft committee wants to exhaust all options that
Jan. 22 interview on Bloomberg Television. The can lead to a settlement before referring anyone to
probe “could be a step in the right direction, but prosecution. Still, the message is clear. “We are in
it could also be a step towards more arbitrary a new era,” Al Mojeb says. “The campaign against
44 ruling,” he said. corruption won’t stop.” —Alaa Shahine
Saudi officials say Prince Mohammed had to
tackle graft as he tries to revitalize the economy THE BOTTOM LINE The payments netted in Saudi Arabia’s
anticorruption purge could be used to help an economy that’s been
by weaning it off oil. “Corruption had reached suffering from the 2014 drop in oil prices.

Will Italy DanceAgain

ToBerlusconi’sBeat?

○Althoughtheformerpremierisbannedfromholdingoffice,
hecouldemergeasthepowerbehindanewgovernment

On a Monday morning just before Christmas, Silvio screen, the team talked the 81-year-old TV mogul
Berlusconi walked into an elegant salon inside and former Italian prime minister through likes,
his villa near Milan to complete preparations for followers, and potential lines of attack as they put
a major shift in his political strategy. Beneath a the finishing touches on a three-month project
grand oil painting of the Italian aristocrat who to transform his political operation into a digital-
once owned this villa in Arcore, Berlusconi advis- savvy venture aimed at young people.
ers huddled around a table discussing social Six years after he was forced from office at the
media, according to senior members of his cam- height of the euro zone crisis, Berlusconi is back.
paign team. Projecting laptop data onto a large The four-time premier is banned from holding