Saudi Arabia, one of the world's richest value, is going to auction the property for Al-Sania and its company's housing business. The first phase of the auctions, which will be held on loan dispute, will be held next month.
Reuters reports Sunday that government debt will be paid by millions of dollars worth of sale in the auction.
It is known that in 2007, Forbes' list of the top 100 billionaires, Saad Group owner Sania But he was arrested last year in a case of bank loan fraud. He was not yet released. In Saudi Arabia last year, Sania was one of those influential people who had been arrested and arrested in Riyadh's Carlton Hotel for corruption.
Saad Group is among the most discussed among the cases of loan defaulters in Saudi Arabia. The lenders failed to recover the money due to the efforts made for 9 years. In this situation, a court named 'Icicon Alliance' gave the responsibility of resolving Saad Group's debt fraud, the court ruled. The Isticans Alliance is going to take up the sale of Sunny's housing business.
The auction will run for the next five months.
Two sources associated with the auction program said that the first phase of the auction will be held next month. Plots, farms and residential buildings will be sold in different housing projects of Saad Group.
A source said that the value of these assets can be between 25 and 50 million dollars. A lender told the agency that the auction was supposed to be done earlier. But the auction is behind the housing market due to the recession. However, in March, Saad Group trucks and 900 buses including auctioned auction sold for 3 million and 3 million dollars in the Iticon Alliance. After that payment was paid to the group staff due owed. The money will be repaid in 34 auctions with the money coming to the auction. But whether Sania will be released after repaying the loan, it is not clear yet.