Portrait liquidating trust
The government has raised tens of billions of dollars from international bond markets and has drawn down on central bank reserves to finance a budget deficit that reached about 15 percent of gross domestic product in 2015.
In October, a federal jury in Boston found that Present violated federal securities laws.
Wealthy Saudis are moving assets out of the region to avoid the risk of getting caught up in what authorities call a crackdown on corruption, according to people with knowledge of the matter.
In Saudi Arabia, some are in talks with banks and asset managers to move money outside the country, the people said.
Based on investigations over the past three years, authorities estimate that at least $100 billion has been misused “through systematic corruption and embezzlement over several decades,” Attorney General Sheikh Saud Al Mojeb said in a statement on Thursday.
The sell-off across the GCC has cost stocks $17.6 billion as of Wednesday, dragging the collective market capitalisation for bourses in the region to $900 billion, according to data compiled by Bloomberg.