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Fahd bin Abdul Aziz
Sultan Bin Abdul Aziz
Naef Bin Abdul Aziz
Salman Bin Abdul Aziz
Ahmad Bin Abdul Aziz
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OIL
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King Fahd, since 1975, has
set up a system by which he and close members of his family (i.e. sons and
brothers) have sold on the open market in Rotterdam anywhere from 300,000
to 1 million barrels of oil a day at below market prices. Income from that
oil is deposited in Swiss bank accounts automatically. It is estimated
that Fahd's annual income has varied between $3 to $5 billion a year
selling oil outside the commercial channels and oil company concessions.
This method was used only by Fahd for his and his family's benefit. No one
was allowed to benefit from this method except those who processed the
oil. It is alleged that this is the basis of Yamani's wealth. In addition,
oil brokers have been making hundreds of millions every year disposing of
this oil for Fahd. |
REAL ESTATE
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Land in Saudi Arabia is owned by the government and
the government is controlled by the King with no accountability to anyone.
Since 1975, land has been donated to princes and their families by the
government to be sold most often back to the government itself thus
creating the easiest means by which to rob the government of its
resources. A typical scenario would grant powers to a prince to decide
where to build a hospital or a new military base. The prince makes sure
that the land upon which they need to build is owned by the government.
Once he signs the secret document to construct the complex, he then walks
over to the King's Palace and asks that the land be given to him. He then
resells the same land to the government under the pretext that it needs
that land to build the complex he just signed orders for a day earlier.
Abuse of this system by hundreds of al-Saud members broke the government's
back starting in 1982 (the first year the Saudi government experienced a
deficit). Fahd, his brothers, and some second generation al-Saud family
are the only ones allowed to benefit from this scheme. |
CONTRACT FIXING
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Kickbacks on commercial and defense contracts is the
third method used by the House of Saud to pilfer money. It is believed
that every contract signed in Saudi Arabia has some form of kickbacks and
commissions some of which are so outrageous, it has forced the US Congress
to pass the Foreign Corrupt Act in light of the Northrop scandal. Large
contracts such as al-Yamamah is generating annual commissions in excess of
$2 billion paid to only five people : Sultan - Bandar - Mohammed - Khaled - Abdul Aziz .
Commercial deals such as constructing highways and infrastructure projects
(i.e. Jubail and Yanbu) have been the only way the Saudi economy has been
able to sustain a high Per Capita Income. Unlike other countries, most
profits in Saudi Arabia are derived from a commission system and not from
traditional businesses. This third method of stealing money benefits NOT
only the royal family but also the merchant families of Saudi Arabia and
the middle class through a trickling effect. All the new non al-Saud
billionaires benefited directly from this method. |
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