Recently dismissed university director admits to embezzling over $133M
The recently dismissed Saudi university president has admitted to embezzling over $133 million from the university funds.
The president of Saudi Arabia’s King Abdulaziz University, who was relieved of his duties on Thursday, admitted to embezzling over $133 million (SAR 500 million) from the university funds, the Oversight and Anti-Corruption Authority said.
The authority added that it had seized the funds embezzled by Abdulrahman Obaid al-Youbi and will return the money to the state treasury.
The authority’s spokesperson, Ahmad al-Hussein, said that the authority began investigating al-Youbi after learning he committed several financial violations, including exploiting his authority which gave him access to several of the university’s bank accounts.
After gathering evidence showing al-Youbi had exploited his position for personal gain, the authority interrogated him, al-Hussein said.
He added that he confessed to the crimes he was accused of and of embezzling more than SAR 500 million.
Al-Hussein said that other people were also involved in the case, adding that the authority was still interrogating these suspects and will take all legal measures against them.