Monday, 24 September, 2018

United Kingdom officials told that Aramco IPO unlikely until 2019

Saudi Arabia creates anti-corruption circles ARAMCO IPO unlikely until 2019
Freda Brock | 13 March, 2018, 13:21

Saudi Arabia's king has established special anti-corruption units of prosecutors to pursue embezzlement cases in the kingdom after a recent crackdown.

President Donald Trump tweeted Saudi officials in November and advised them to list Aramco on the New York Stock Exchange.

The king's decision came from "his concern over combating corruption in all its forms aiming to protect the homeland and its resources, maintain public money and protect the integrity of the public employment", according to Saudi state media.

Now, nearly two months after the purge officially came to an end, The New York Times has released a report, echoing claims made by the MEE in November. The members of King Abdullah's family are seen as rivals of Crown Prince Mohammed and his father, King Salman.

At least 17 detainees were subjected to physical abuse during the anti-corruption crackdown, spearheaded by Saudi Crown Prince Mohammed bin Salman, in order to extract their wealth for their freedom, the Times has found.

The biggest problem for the Saudi royal family in the wake of the crackdown - especially as it seeks deeper USA investment ties - may be the complete secrecy surrounding how it was carried out.

NU, Creighton women picked for tournament
Baylor and Oklahoma State also earned a spot in the tournament. "I hope we rally and respond and the guys feel the same way I do". The Washington-Boise State victor will play the victor of the game between Saint Mary's and Southeastern Louisiana.

Businessmen once considered giants of the Saudi economy now wear ankle bracelets that track their movements.

Officials have not made public the charges against suspects detained at the Ritz-Carlton.

To leave the Ritz, numerous detainees not only surrendered huge sums of money, but also signed over to the government control of precious real estate and shares of their companies - all outside any clear legal process.

Critics say promises of transparency in the anti-corruption drive have not been kept, which is likely to make investors more nervous about doing business in the Kingdom, fearful that joint enterprises could be seized or vital business partners arrested without warning. But there were no trials, and the details remain a mystery.

The most cynical accounts of the anti-corruption crackdown argue that Saudi government may or may not be less corrupt and inefficient now, but Prince Mohammed unquestionably commands a great deal more money than he used to, while his most risky rivals are either fearfully subdued or actively under surveillance. A new generation of bureaucrats close to the crown prince has been installed in senior posts.

According to an update of the MSCI proposal published in February, Saudi Arabia would have a market capitalisation of $124 billion in MSCI's Emerging Markets Index, giving it an index weight of 2.3%, on a par with Thailand. "People has disappeared and been charged for tweets", he noted.

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