Saudi’s preemptive strike on corruption is an attempt to consolidate power
Petrie Partners Chairman Tom Petrie weighs in on King Salman’s move to arrest a string of high-profile nationals, from ministers to princes. Petrie speaks on “Bloomberg: Daybreak Asia.”
“It’s a bold move to consolidate power, giving a new meaning to preemption,” Petrie said.
He said the action goes against past cautious building of consensus and that it represents concerns that there was limited time to make the radical changes the kingdom is after.
“Prince Alwaleed Bin Talal is in line with the vision, and his inclusion in the (corruption) roundup is perhaps symbolism that the crown prince wants everyone on boards and aligned,” he said.
Petrie added that this might give pause to investors who would want to see that the crown prince has clearly consolidated power.