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Local, multinational companies' bank accounts not frozen

Saudi Arabia, November 8, 2017

Crown Prince Muhammad Bin Salman, Deputy Premier, Minister of Defense and Chairman of the Council for Economic and Development Affairs (CEDA), presided over its regular meeting here on Tuesday.

He instructed the relevant ministers to ensure that national and multinational companies operating inside and outside the Kingdom, including those wholly or partly owned by individuals under investigation, are not disrupted during investigation process.

The Council recognized the importance of these companies for the national economy and the importance of ensuring that investors operate with confidence in Saudi Arabia.

The Council stressed that the Government was fully committed to protecting the rights of individuals under investigation and would ensure fair treatment by the justice system.

Meanwhile, in line with the request of the Attorney General, the Saudi Arabian Monetary Authority (SAMA) has frozen the accounts of those facing corruption cases.

SAMA, however, clarified that the bank accounts that have been frozen belong to individuals facing corruption cases and they do not include the bank accounts of companies in which they have a stake.

Banks have been informed to unblock the accounts of these companies and establishments.

SAMA stresses that the companies and establishments working in the Kingdom can avail of all financial services as usual, including carrying out internal and external remittances without any restrictions.

CEDA stated that tackling corruption within the rule of law and preventing the waste of public funds was crucial for the sustainable growth of the national economy and for the fair treatment of all Saudis.

Anti-corruption measures taken by the state were a key part of Vision 2030, and were vital to ensure stability and to protect investments by domestic and international investors and provide a level playing field.

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