Alaoudh is president of the Gulf region at the US nonprofit Dawn. The acronym stands for “Democracy Now for the Arab World”. According to media reports, the organization was founded in 2018 by Saudi Arabian journalist Jamal Khashoggi. A few months later, he was killed after entering his country’s consulate general in Istanbul.
Dawn has since tried to hold Crown Prince Mohammed bin Salman Al Saud responsible for Khashoggi’s murder. In any case, it is internationally known that the US secret services consider the Saudi crown prince to be the mastermind behind the killing of his critic Khashoggi. Alaoudh told “Sonntagszeitung” that with investments abroad, managers only want to launder their own vests.
Credit Suisse has raised its capital around CHF 4 billion in two steps and currently Saudi National Bank (SNB) is the largest shareholder with 9.9 percent stake.
The institute is backed by the oil-rich country’s sovereign wealth fund, which is controlled by Saudi Crown Prince Bin Salman. Bin Salman also plans to invest $500 million in Credit Suisse First Boston, according to the Wall Street Journal.
Badly battered CS needs capital to finance the wide-ranging restructuring announced at the end of October. It has been hit hard since the collapse of the billion-dollar Archegos hedge fund in 2021 and the fiascos surrounding the liquidation of the Greensill fund.
After last year’s high loss, it is likely to finish 2022 in the red. In recent months, it has also had to deal with massive outflows of client funds.
(SDA)