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Founder of Saudi’s biggest travel firm arrested as corruption probe widens

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Founder of Saudi’s biggest travel firm arrested as corruption probe widens

The on-going graft probe in Saudi Arabia which has witnessed several arrests has again seen the docking of the founder of Saudi’s biggest travel firm, Nasser bin Aqeel al-Tayyar.

Reports say Tayyar was arrested in the ongoing investigation by a new anti-corruption body headed by Crown Prince Mohammed bin Salman and it is coming after 11 princes, four sitting ministers and dozens of former ministers were detained on corruption charges.

Read also: SAUDI ARABIA: 11 princes, 4 ministers,others, docked for corruption

The arrest of Tayyar owner of Al Tayyar Travel saw Saudi stock index go down 1.1 per cent in early trade, and also affected Al Tayyar Travel (1810.SE) stock which plunged to 10 per cent in the opening minutes after the company announced the arrest of its founder quoting media reports.

Sources say the arrests were made after fresh investigations were launched into the 2009 Jeddah floods and the outbreak of the Mers virus which emerged in Saudi Arabia in 2012 even as many of those detained were not named.

Crown Prince Salman according to reports is moving to consolidate his growing power while spearheading a reform programme and while addressing an economic conference in Riyadh, he vowed to “eradicate the remnants of extremism very soon”.

 

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