Saudi Arabia authorities are planning to auction an enormous amount of real estate as well as vehicles of Maan al-Sanea and his group Saad since they want to hurriedly bring an end to one of the longest-running debt confict in the country.
Maan al-Sanea, who was ranked by Forbes as one of 100 richest people in the world in 2007, was arrested in late 2017 for overdue debt dating back to 2009 from his firm which was burdened with debts. Rumor has it that the billionaire’s debt is between 40 – 60 billion Saudi riyals (N3,834 – N5,752 billion).
Saudi Arabia authorities are planning to auction real estate and vehicles of Maan al-Sanea and his company
The planned auction is the latest signal that the kingdom is seriously calling its aristocracies to account. Back in November last year, in an anti-corruption repression, Saudi Arabia authorities arrested a horde of senior officials for supposed graft. After agreeing to give the kingdom money, real estate and assets or being exonerated, most of the arrestees have been released. However, this is not the al-Sanea case.
Maan al-Sanea was ranked by Forbes as one of 100 richest people in the world in 2007
To tell the truth, creditors have spent nearly a decade pursuing Saad Group whose headquarter is located in Khobar, Saudi Arabia’s Eastern Province. As to investors, they regard the case as a litmus test of commitment to reforms of Crown Prince Mohammed bin Salman.
Saudi Arabia authorities have appointed Etqaan Alliance as the consortium to liquidate al-Sanea and Saad’s assets in an attempt to repay creditors. He intends to start selling these assets in the state.
There are up to 923 units under Saad’s ownership inclusive of cars, buses and trucks
According to Ministry of Justice, the auction will be conducted this month, ahead of the Islamic fasting month of Ramadan starting in May, to sell equipment, building materials, some property and especially a large fleet of vehicles owned by Saad. In total, there are up to 923 units under the group’s ownership inclusive of cars, buses and trucks. Besides, a further 26 expensive models, including a Hummer, a Cadillac Concord and a Rolls-Royce, are registered under Maan al-Sanea’s name.
All the proceeds from the auction will be used to repay the company’s creditors.