Saudi Arabia appoints new ministers for economy and National Guard

King Salman issued royal decrees on Saturday. (SPA)
Updated 05 November 2017

Saudi Arabia appoints new ministers for economy and National Guard

JEDDAH: Saudi Arabia has appointed new ministers for the National Guard and for Economy and Planning, the Saudi Press Agency reported on Saturday, citing royal decrees.

National Guard Minister Miteb bin Abdullah was replaced by Prince Khaled bin Ayyaf, while Economy Minister Adel Fakieh was replaced by Mohammed Al-Tuwaijri.

A new anti-corruption committee was formed. The new committee will be headed by Crown Prince Mohammed bin Salman.

Joining the crown prince on the committee will be the heads of the Anti-Corruption Commission (Nazaha), Public Security, General Prosecutor and the Investigation Authority.

Commander of the Navy, Abdullah Al-Sultan, was relieved of his position and has been replaced by Fahad Al-Ghofaili.

According to the royal decree, the anti-corruption committee will perform the following tasks:

First: To identify offenses, crimes, persons, and entities involved in cases of public corruption.

Second: The investigation, issuance of arrest warrants, travel bans, disclosures and freezing of accounts and portfolios, tracking of funds, assets, and preventing their remittance or transfer by persons and entities whatever they might be. The committee has the right to take any precautionary measures it deems necessary, until they are referred to the investigating authorities or judicial bodies. It may take whatever measures it deems necessary to deal with those involved in public corruption cases and take what it considers to be the right of persons, entities, funds, fixed and movable assets, at home and abroad, return funds to the state treasury and register property and assets in the name of state property.

Third: The committee may seek the assistance of those it deems necessary and may set up teams for investigation, prosecution, etc., and may delegate some or all of its powers to these teams.

Fourth: Upon completion of its duties, the committee shall submit to us a detailed report on its findings and what action it has taken in this regard.

Fifth: The competent authorities shall be informed of this order and all parties concerned shall similarly cooperate fully to enforce the provisions of this order.

Prince Abdullah wins legal battle to control Sheffield United

Updated 7 min 32 sec ago

Prince Abdullah wins legal battle to control Sheffield United

LONDON: A Saudi prince has won a London court battle for full control of Premier League club Sheffield United.

Prince Abdullah bin Mosaad and co-owner Kevin McCabe were locked in a legal dispute over ownership of the northern English team after their business partnership broke down.

The prince, through his firm UTB LLC, took McCabe’s company Sheffield United Ltd. to court in a bid to enforce a sale agreement reached in December 2017.

Judge Timothy Fancourt said McCabe must sell his 50 percent share of the club to the prince for £5 million ($6 million).

In a 138-page judgment, delivered in London on Monday, the judge said the club is now worth “in the region” of £100 million ($124 million).

In a statement after the ruling, Prince Abdullah said he is “fully committed to continued investment in both the first team and the academy and to bringing best practices and the highest standards of management to the club.”

UTB will have to buy the club’s property assets, which include the Bramall Lane stadium and the Sheffield United hotel, from Sheffield United Ltd.

The judge says McCabe was introduced to Prince Abdullah in 2012 by a third party. 

They reached an agreement to split control of the club, then in the third tier and in need of investment, on a 50-50 basis in return for the prince investing £10 million  over two years.

After relations soured following disagreements over funding, McCabe offered to either buy Prince Abdullah’s stake or to sell his to the prince for £5 million.

The sale was not completed however, prompting Prince Abdullah to bring legal action against McCabe to enforce the contract of sale.

In return, McCabe sued in a bid to have the contract declared void or set aside and also sought damages for breach of contract. 

The team has opened the Premier League season by collecting five points from five games to sit 15th in the 20-team standings.