According to sources confirmed to Reuters, authorities in Saudi Arabia are preparing to auction off Saudi billionaire businessman Maan al-Sanea’s personal assets worth billions of dollars. This includes selling off real estate and cars belonging to the billionaire in Saudia’s longest ongoing debt dispute.
A video has been released online which advertises the auction by saying “the sale everyone has been waiting for in Khobar” and a brochure has been circulated that showcases the 20 plots of land owned by Al Sanea and according to Reuters, the real estate being sold is valued at around 4.4 billion riyals which amounts to around 1.1 billion U.S dollars.
Although it has not yet been confirmed, a source at the Ministry of Justice claimed it may take place in May.
Al Sanea had been previously ranked among the world’s top 100 riches people in 2007 by Forbes, however, the businessman was detained in November last year due to unpaid debts which went as far back as 2009. According to Gulf News, experts have estimated the monumental debt could sum up to a total of between 40 billion riyals and 60 billion riyals.
Al Sanea had been detained along with hundreds of other Saudi elites as Saudia’s anti corruption committee put a crack down on the increased cases of corruption in the kingdom.
https://www.youtube.com/watch?v=sakSXlfpyho
Many have applauded the kingdom’s efforts which shows that the anti-corruption committee is pretty serious in its mission to eradicate corruption and dishonest behaviour in the country’s elites.
https://twitter.com/nfhassan/status/968194358431371264
