Saudi Arabia freezes personal bank accounts so they cannot trade
Dubai — Saudi Arabia’s market regulator has frozen the trading accounts of individuals being detained or investigated as part of the kingdom’s crackdown on alleged corruption, according to three people familiar with the matter. The Capital Market Authority (CMA) is asking brokerages to suspend the accounts of dozens of princes, billionaires and officials being held so they’re unable to buy or sell shares on the Tadawul stock exchange, the people said, asking not to be identified because the information is private. Last week, the kingdom said the Saudi Arabian Monetary Agency, or Sama as the central bank is known, had frozen the bank accounts of individuals being investigated, but not those of the companies they own or manage. Wealthy Saudis are moving assets out of the region to avoid the risk of getting caught up in the crackdown, people with knowledge of the matter said. In Saudi Arabia, some are in talks with banks and asset managers to move money outside the country, the people ...
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