Etqaan sells assets of Maan Al-Sanea at SAR 50 mln in first auction: report

Etqaan, the consortium appointed by Saudi authorities to liquidate assets owned by businessman Maan Bin Abdul Wahid Al-Sanea and his company, sold properties at SAR 50 million in the first auction held on Mar. 18, Al-Eqtisadiah newspaper reported, citing unnamed sources with knowledge of the matter.

The value of over 1,142 trucks and heavy equipment was higher than expected, the sources said.

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, they added.

The auction was organized in execution of a court ruling rendered to creditors in December 2017, 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.