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Thousands flock to witness vehicle auction of Saudi tycoon


Thousands flock to witness vehicle auction of Saudi tycoon

Saudi Arabia, Mar 20 (ANI): More than hundred vehicles were sold at an auction in Saudi Arabia to settle the debt of billionaire Maan al-Sanea and his company. It is kingdom's one of the longest-running debt disputes.

Officials hoped the sale will go towards repaying around 4.8 billion Dollars owed to creditors. Ranked in 2007 by Forbes as one of the world's 100 richest people, Al-Sanea was detained late last year.

900 vehicles were being sold at auction. His debts date back nearly a decade to Saudi Arabia's biggest financial meltdown.

His case is separate from the dozens of Saudi businessmen and prominent figures who have been held in a corruption crackdown. Other parts of Al-Sanea's business empire and personal wealth including property will go under the hammer which are estimated at around 2.7 billion Dollars.

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