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Arrest of Saudi Aramco board member casts fresh doubt over oil giant’s listing

Plans for a blockbuster float of Saudi Arabia’s national oil explorer could be thrown into further doubt after one of the company’s board members was arrested as part of a corruption crackdown in the Gulf state.
An anti-corruption committee was formed over the weekend and just hours later almost a dozen senior royals, four minsters and dozens of ex-ministers and top businessmen were arrested.
One of the people reported to have been taken into custody as part of the crackdown is Ibrahim al-Assaf, a former finance minister and board member of Saudi Aramco.
Arrest of Saudi Aramco board member casts fresh doubt over oil giant’s listing

The corruption purge saw Saudi billionaire Prince Alwaleed Bin Talal arrested

Credit:
Bloomberg
Among the most prominent to be detained was Prince Alwaleed bin Talal, a senior member of Saudi Arabia’s royal family, and one of the world’s richest men with vast business interests spanning the globe.
Alwaleed’s arrest will send shockwaves through the world’s major financial centres at a time when the country’s attempts to court overseas investors ahead of an expected $2 trillion listing of Saudi Aramco have been questioned.
Arrest of Saudi Aramco board member casts fresh doubt over oil giant’s listing

Saudi billionaire Prince Alwaleed Bin Talal company has interests including London's Savoy hotel 

Credit:
Rex
Shares in Alwaleed’s Kingdom Holding fell more than 8pc and in recent weeks officials have been forced to deny reports that the float could be shelved.
Future king Crown Prince Mohammed bin Salman is looking to tighten his grip on power as he looks to push through a sweeping modernisation program.
Saudi Aramco declined to comment.
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