Al-Sanea's creditors start receiving overdue payments: report

Al-Khobar's executive court has started paying the delayed dues of Saudi businessman Maan Al-Sanea's creditors and employees, Al-Eqtisadiah newspaper reported on Thursday.

The overdue payments will be settled by over SAR 50 million in proceeds generated from the first auction, held on Mar. 18 to liquidate multi billion dollar worth of real estate and cars belonging to billionaire Maan al-Sanea and his company.

More than 1,142 trucks, buses and vehicles along with other heavy equipment and machinery were sold to almost 13,000 buyers, including investors, business owners, corporates and car dealers across the Kingdom.

Other assets including marble, ceramics, furniture, decorations and fixtures will be sold in the following auctions, which are likely to be held by mid-June.

The seven-day auction was run by Etqaan, the consortium appointed by Saudi authorities to liquidate assets owned by the Saudi billionaire and his company, Argaam reported.

The Saudi businessman was detained last year after his company (Saad Trading Contracting & Financial Services Co.) failed to pay back debts dating back to 2009, and amounting to roughly SAR 11 billion.