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Saudi Prince Pocketed $2B in Arms Deal

British arms giant BAE said to have paid 'fees' to Bandar for 10 years
By Peter Fearon,  Newser Staff
Posted Jun 7, 2007 6:40 AM CDT

(Newser) – Prince Bandar of Saudi Arabia, the former Saudi ambassador to the US and a close friend of President Bush, allegedly accepted nearly $2 billion from the British arms giant BAE  in connection with an $86-billion arms deal. The Guardian claims the payments, made in $60-million increments over 10 years, through a US bank, were sanctioned by the British government.

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An investigation into the payments by Scotland Yard's Serious Fraud Office was halted in December on the orders of PM Tony Blair. Prince Bandar is currently the head of Saudi Arabia's national security council; he did not respond to inquiries about the payments. (Read more Prince Bandar stories.)

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