Russian Sovereign Wealth Fund RDIF Hails Saudi Anti-corruption Drive – CEO

Sputnik, 25.11.2017

MOSCOW, November 25 (Sputnik) - Russia’s Direct Investment Fund (RDIF) on Friday lauded a historic push by Saudi Arabia to root out corruption in the oil-rich Gulf monarchy, which its CEO said would boost investment and growth.

"Like most international investors RDIF welcomes the recent efforts by the Custodian of the Two Holy Mosques, King Salman of Saudi Arabia and HRH Crown Prince Mohammed Bin Salman to address corruption in the Kingdom," RDIF chief executive Kirill Dmitriev told reporters.

Mohammed Bin Salman ’s government arrested dozens of Saudi princes, former ministers and top businessman earlier this month, locking them up in a luxury hotel until they agree to surrender billions of what are suspected to be ill-gotten profits.

"We believe that fast and determined action on corruption in Saudi Arabia is a positive sign for international investment community and that it will bring long-term economic growth," Dmitriev predicted.

The Saudi crown prince told the New York Times on Thursday that a vast majority of the corrupt elite had agreed to a settlement which will see them wrote over cash to the state treasury, while the rest can opt for litigation. The settlement deals could total $100 billion, the Saudi heir said.