Authorities in Saudi Arabia will auction billions of dollars worth of real estate and vehicles owned by Maan al-Sanea to end a debt dispute.
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, Euro News reports. 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.
Locals authorities have appointed Etqaan Alliance to sell the assets of al-Sanea’s company. In a brochure, 20 plots of land owned by al-Sanea are mentioned, including a 484,407 square meter plot that houses buildings and a sewage treatment plant. The real estate alone is said to be valued at around 4.4 billion riyals ($1.17 billion).
What’s even more staggering is the fleet of vehicles owned by the Saad Group. All up, 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.
All of the proceeds from the auction will be distributed to the company’s creditors.
At the height of his wealth, al-Sanea was ranked as one of the world’s 100 richest people. His arrest forms part of an anti-corruption crackdown launched in Saudi Arabia last November aimed at uncovering graft. Many arrested during the crackdown have been released or exonerated after giving the state money, assets or real estate.