Saudi Arabia is planning to auction billions of dollars of real estate and cars belonging to businessman Maan Al-Sanea and his company (Saad Group), Reuters reported, citing unnamed sources.
Etqaan Alliance, the consortium appointed by the authorities to liquidate assets owned by Al-Sanea and the company to repay creditors, plans to start the company’s assets in the Kingdom in the coming weeks, sources told the news agency.
The proceeds from the auction will be distributed to creditors via a legal process overseen by a three-judge tribunal set up in 2016, it added.
The sale includes a list of 20 plots of land in Khobar valued at SAR 4.4 billion.
Separately, a Ministry of Justice source confirmed an auction would be launched this month to sell vehicles, equipment, building materials and some property before May.
Saad Group owns an estimated SAR 3.5 billion of real estate, while Al-Sanea personally owns an estimated SAR 6.8 billion, the report stated.
The businessman was detained by authorities late in 2017 for unpaid debt dating back to 2009, when Saad Group defaulted on debts.
Creditors have pursued the Khobar-based company for debt estimated to be between SAR 40 billion and SAR 60 billion.
Comments
{{DisplayName}}
{{ElapsedTime}}