Saudi Arabia authorities are preparing to auction billions of dollars of real estate and cars belonging to billionaire Maan al-Sanea and his company as they look to hasten an end to one of the kingdom’s longest-running debt disputes.

The billionaire was arrested by Saudi authorities late last year for unpaid debt dating back to 2009 from his company, Saad Group, defaulting on debts. According to some, al-Senea’s debt could be between 40 and 60 billion Saudi riyals, or $10.6 and $15.9 billion at today’s exchange rates.

The planned sale is the latest signal that Saudi Arabia is serious about holding its elites to account. In an anti-corruption crackdown last November, authorities detained scores of senior officials on charges of alleged graft. Most have been released after being exonerated or agreeing to give the state money, assets or real estate.

The al-Sanea case is separate from the main anti-graft campaign. The businessman, ranked by Forbes as one of the world’s 100 richest people in 2007 was detained by authorities late last year for unpaid debt dating back to 2009 when his company, Saad Group, defaulted on debts.

Creditors have spent the past nine years pursuing Saad, which is based in the city of Khobar in Saudi Arabia’s Eastern Province.

Investors see the case as a litmus test of Crown Prince Mohammed bin Salman’s commitment to reforms.

Etqaan Alliance, the consortium appointed by Saudi authorities to liquidate assets owned by al-Sanea and the company in an effort to repay creditors, plans to begin selling the company’s assets in Saudi Arabia.

Ministry of Justice confirmed an auction would be launched this month to sell vehicles, equipment, a large quantity of building materials and some property before the Islamic fasting month of Ramadan, which starts in May. 

What’s even more staggering is the fleet of vehicles owned by the Saad Group. There are 923 vehicles under its ownership, including trucks, buses, and cars. A further 26 vehicles are registered under al-Sanea’s name,including a Rolls Royce, a Hummer, and Cadillac Concord.

All of the proceeds from the auction will be distributed to the company’s creditors.

Can the Nigerian Government fight bribery and corruption like the Chinese and Saudi Governments?

Source https://autojosh.com/saudi-arabia-auction-properties-detained-billionaire-923-vehicles/

If it is here, the man will hire 100 corrupts SAN to defend him at the court of law.

Wao! From something to nothing.

What’s even more staggering is the fleet of vehicles owned by the Saad Group. There are 923 vehicles under its ownership, including trucks, buses, and cars. A further 26 vehicles are registered under al-Sanea’s name,including a Rolls Royce, a Hummer, and Cadillac Concord.

Only one person?? Shift lemme faint abeg

Just dash me 1%

So one man is owing "$10.6 billion and ordinary 1.5million naira debt dey give person sleepless nights

Arab money...

And those who are rich should boast that God has humbled them. They will fade away like a little flower in the field. James 1 vs 10
Any rich man can fall in a day...

Nonsense........propaganda.

Not In Nigeria

He will go unpunished and will also be given front seat in church /mosque

If na nigeria no one wud buy. Just look at adenuga's bella place which was seized from him. Wasting away ever since

923 vehicles?




Nawa oh! This 1 strong oh

sell all his property his cars, house, everything, even account balance then free him.
The rich keep looking for dubious reason to get richer

These men too like better thing

FG should emulate from them

Great reforms are happening in Saudi Arabia. This is a case of touching and bashing the seemingly untouchables.
One of the reasons we can't expect this to happen in naija is, almost the entire politicos have skeletons in their cupboard. You can't make huge reforms if u have got baggage of your own.
Which makes it funny when people were calling the lizard in Aso Rock the "new sheriff in town" who's come to clean the stables. What a joke!
The first person who warned the lizard just weeks into his tenure is IBB. Lizard hinted that he was going to open investigations into past cases of drafts, and the crafty old IBB issued a public statement that before he gets carried away by the trappings of power, Bubu should know that details of his own misdeeds while in office as the head of PTDF could be produced in a jiffy.
That was the day Bubu's anti-corruption "war" ended .....just weeks into his tenure.

Nigeria is a useless country!

Maybe he tried paying back and Ali Baba boys place am anoda aza

I don't like reading about billions.... it always makes me rethink about my life

ok

pigs and idiots y'all services is required internationally.

buhari should start by auctioning the multimillionaire bikes his son with no clear source of income acquired.

Imagine. Power of money

When efcc go do this kyn thing

That is a country where d judiciary system is working perfectly not a shithole country like I no call name shaa

OhiOfIhima:
That is a country where d judiciary system is working perfectly not a shithole country like I no call name shaa

You're very much right....

Saudi is the best Nation of all time.....but beefing against them is much

it would hav been a different story in naija

.If to say nah here,some pigs go don print nah our son banner/dey shout Nzobu zobu nyimba enyi..Dasuki dey prison,no hausa protest.Try dat stuFF qith potopoto republic. people. and see dem display their ragtag. flag*walk outta thread*

CORRECT COUNTRY

yeyerolling:
If na nigeria no one wud buy. Just look at adenuga's bella place which was seized from him. Wasting away ever since

i just passed this building now, it's still functioning na