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He was also removed from his post as head of the powerful National Guard, a move that reinforced speculation the king was preparing to hand over power to his son.

The government plans to create the world’s largest sovereign fund and sell hundreds of state assets, including Saudi Arabian Oil, as well as stakes in the stock exchange, soccer teams and flour mills.Company chairman Brandon Stranzl had been trying to put together a bid to keep the company going while it restructured itself, but those efforts did not materialize into a plan that would have allowed the chain to continue, in the judge's estimation."I am satisfied that there is no other viable alternative," Justice Glenn Hainey said.Based on investigations over the past three years, authorities estimate that at least 0 billion has been misused “through systematic corruption and embezzlement over several decades,” Attorney General Sheikh Saud Al Mojeb said in a statement on Thursday.A total of 208 individuals have been called in for questioning so far and seven have been released without charge, he said.

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