Auction of detained Saudi tycoon's properties to start Dec 2 -sources | Reuters:
Saudi Arabia will start auctioning real estate assets of billionaire Maan al-Sanea and his company on Dec. 2 to help repay billions of dollars due to creditors, sources familiar with the matter told Reuters.
The auction, originally planned for late October in the city of Khobar in Eastern Province, was delayed by a last-ditch attempt to reach a settlement, which failed to gain enough support from creditors, one source said.
Sanea, once ranked among the world’s 100 richest people by Forbes, was detained last year for unpaid debts dating back to 2009 when his company, Saad Group, defaulted.
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