Saudi CMA said to freeze trading accounts as part of corruption probe

Saudi Arabia’s Capital Market Authority (CMA) has frozen the trading accounts of the people detained as part of the country’s investigations against corruption, Bloomberg reported, citing three sources familiar with the matter.

The market regulator is said to have asked brokerages to suspend the accounts of a number of princes, billionaires and officials being held so they cannot buy or sell shares on the Saudi Stock Exchange (Tadawul), the sources said.

Last week, the country’s central bank Saudi Arabian Monetary Agency (SAMA) had frozen the bank accounts of those under investigation. The accounts related to companies they own or are associated with, however, remain unaffected, SAMA has said.

Saudis are also said to be moving assets out of the region to avoid any risks, the news agency said, citing unnamed people with knowledge of the matter. Some are in talks with banks and asset managers to move money outside the country, the people said.

Earlier this month, Saudi Arabia detained a number of princes, including billionaire Prince Alwaleed bin Talal, and other high-ranking officials in a sweeping crackdown against corruption.

Last week, the Kingdom said 208 people were called in for questioning, of which 7 were released without charge. According to estimates by Saudi authorities, at least $100 billion has been misused through corruption and embezzlement over decades.