Deals
Saudi Prince's Corruption Sweep Reaches Aramco
- Crown Prince Mohammed bin Salman leads purge of top officials
- Aramco planning IPO of about 5 percent stake next year
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A Saudi Aramco director and a member of the royal council overseeing the world’s biggest oil exporter were arrested along with other top officials as Crown Prince Mohammed bin Salman seeks to strengthen his hand amid a reform push that includes a stake sale in the company next year.
The board member, Ibrahim Al-Assaf, a former finance minister, was among at least 17 princes, current and former government ministers and businessmen taken into custody, according to an infographic published by Al-Eqtisadiah newspaper. Adel Fakeih, the minister of economy and planning and a member of Saudi Arabia’s oversight council, was relieved of his post and replaced by his deputy, according to the state-run Saudi Press Agency.