Friday, February 8, 2013

Wanna know how Saudis become billionaires? No ... it's not just the oil.

Where there's lotta money, there's lotta greed and dishonesty too.  Goes with the territory.

From TheSundayTimes:
BAE Systems was at the centre  of a Serious Fraud Office investigation into allegations that it made corrupt payments totalling £6bn to Saudi royals to secure the al-Yamamah arms deal.

The company was suspected of bribing ruling Saudis through a network of front companies and offshore slush funds.

Prince Turki bin Nasser — the Saudi official in charge of the al-Yamamah deal — was the principal beneficiary of a £60m slush fund paid through Traveller’s World, a West End travel agency.

New documents from the SFO’s BAE files, seen by The Sunday Times, show that the benefits he received included a £220,000 Maybach 57 limousine, which was shipped to his Jeddah palace, and a £2m caravan complex in the Saudi desert......

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