Daily Management Review

Whistleblowers Reporting Financial Corruption Will Now Be Officially Protected In Saudi Arabia


05/07/2018




Whistleblowers Reporting Financial Corruption Will Now Be Officially Protected In Saudi Arabia
There has been a string of activities and measures that have been undertaken by authorities in Saudi Arabia to cut down on corruption in recent months. This is seen part of a over all social change that the present royal family wasn’t to bring into the country and its people.
 
On Sunday, the kingdom added another feather in its fight against corruption. New rules and regulations were announced that would seek to protect financial and corporate whistleblowers. The announcement of an order to that effect was made by Saudi Arabia's King Salman.
 
Employees would be shielded from a "violation of their privileges or rights" by the decree that was passed by the king, said the Saudi-run broadcaster Al Arabiya on Sunday.
 
The kingdom wants to "protect the interests of citizens and residents who do their duty to report cases of corruption and ensure that they are not harmed by the submission of communications", said Dr Khalid Al Muhaisen, head of Saudi Arabia's anti-corruption commission, to Al Arabiya.
 
The anti-corruption drive in et kingdom had been started last year by the Crown Prince Mohammed bin Salman of Saudi Arabia, King Salman's eldest son by his third wife. The drive started off with rounding off and detention of members of Saudi Arabia's business and political elite. It was a shocking move as here were reports that the Ritz hotel was effectively transformed into a fortress prison in November.  
 
More than 300 princes, ministers and businessmen, including global investor Prince Alwaleed bin Talal, were detained, housed and questioned at the luxury hotel in Riyadh.
 
According to media reports that were published at that point in time, the Saudi government managed to net in over $100 billi09onin the form of fines and settlements from those detained and rounded up on accusations of corruption.
 
There were also reports that fifty-six people did not manage to reach any settlement with the government and therefore they still remain in custody of the security authorities. However. The Ritz hotel has been officially opened up for the public since February this year. 
 
The 32-year-old Saudi crown prince has taken up a strategy to shift the economy of the country from its dependency of on oil and he has almost had a free run to do so because effective power is in his hands in the kingdom.
 
While it is expected that Bin Salman will continue with his sweeping attempts to bring in economic and social reforms in Riyadh, it is also expected that he will also strive hard to encourage and prompt American investors to invest fortunes into the kingdom.
 
Bin Salman said in March that “only death" can prevent him from ruling over the kingdom for years to come
 
(Source:www.cnbc.com)






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