Saudi corruption settlements will net "not significantly less" than $13 billion in 2019: minister

Reuters  |  RIYADH 

By and Stephen Kalin

RIYADH (Reuters) - Saudi Arabia's minister said on Wednesday that cash settlements from an anti-corruption campaign would net "not significantly less" in 2019 than the 50 billion Saudi riyals ($13.3 billion) collected in 2018.

also said in a interview that Saudi Binladin Group, in which the government took a roughly one third stake under the campaign, would soon have a "normal board" with family members and representatives of government ownership.

He added that the kingdom's sovereign wealth fund, the Public Investment Fund, has no role in a ministry-owned company that is managing assets seized through settlements with dozens of Saudi elite detained last year under the corruption purge.

(Editing by William Maclean)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 19 2018. 23:19 IST