{"id":27812,"date":"2017-11-09T16:09:38","date_gmt":"2017-11-09T21:09:38","guid":{"rendered":"http:\/\/olduvai.ca\/?p=27812"},"modified":"2017-11-09T16:09:38","modified_gmt":"2017-11-09T21:09:38","slug":"saudi-billionaires-scramble-to-move-cash-offshore-escape-asset-freeze","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=27812","title":{"rendered":"Saudi Billionaires Scramble To Move Cash Offshore, Escape Asset Freeze"},"content":{"rendered":"

Saudi Billionaires Scramble To Move Cash Offshore, Escape Asset Freeze<\/a><\/h3>\n
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Over the weekend, Saudi King Salman shocked the world by abruptly announcing the arrests of 11 senior princes<\/a> and some 38 ministers, including Prince Al-Waleed bin Talal, the world\u2019s sixty-first richest man and the largest shareholder in Citi, News Corp. and Twitter. The purge was orchestrated by a new \u201csupreme committee\u201d to investigate public corruption created by King Salman but under the control of Crown Prince Mohammed bin Salman, who chairs the committee and is widely suspected of being the driving force behind the purge.<\/p>\n

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In addition to the arrests, two Royals<\/a> have died since the purge began. Prince Mansour bin-Muqrin reportedly perished in a helicopter crash near the Yemen border earlier this week, and Prince Abdul Aziz bin Fahd – killed during a firefight as authorities attempted to arrest him.<\/p>\n

For all the chaos, Saudi Arabia is benefiting from the climb in oil prices over the past week. However, signs of stress are showing up elsewhere in regional markets, as Bloomberg <\/a>points out in a recent piece.<\/p>\n

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Many of the kingdom\u2019s millionaires and billionaires – at least those who haven\u2019t already seen their domestic and foreign accounts frozen by the government – fear that they might be next after WSJ revealed that MbS\u2019s purge may be nothing more than a naked cash grab, as the paper reports that the kingdom is aiming to confiscate cash and assets worth as much as $800 billion. <\/a><\/p>\n

So, they\u2019re doing what any reasonable rich person would do given the circumstances; they\u2019re liquidating their assets as quickly as possible and stashing their cash offshore until things quiet down.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

Saudi Billionaires Scramble To Move Cash Offshore, Escape Asset Freeze Over the weekend, Saudi King Salman shocked the world by abruptly announcing the arrests of 11 senior princes and some 38 ministers, including Prince Al-Waleed bin Talal, the world\u2019s sixty-first richest man and the largest shareholder in Citi, News Corp. and Twitter. The purge was […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[6621,11708,16951,701,4318],"class_list":["post-27812","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-king-salman","tag-mohammed-bin-salman","tag-prince-al-waleed-bin-talal","tag-saudi-arabia","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/27812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27812"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/27812\/revisions"}],"predecessor-version":[{"id":27813,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/27812\/revisions\/27813"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}