Maan Al Sanea’s auction receives 450 down payment checks

The auction to sell the assets of Saudi billionaire businessman Maan Bin Abdul Wahid Al Sanea and his company, Saad Trading Contracting & Financial Services Co., on Sunday received 450 down payment checks from bidders, Al-Eqtidadiah reported, citing sources familiar with the matter.

The value of the checks varied from SAR 5,000 to SAR 2.2 million.

The first auction was attended by 4,800 people, representing company owners, institutions and investors.

The five-day auctions will include over 900 trucks, vehicles and heavy machinery.

The upcoming auctions will sell workshops, showrooms and real estate, in addition to marble and ceramic products at Saad industrial center.

An execution court in Khobar has assigned Etqaan Real Estate Group to track, list, and sell the assets.

Qahtani Auction Co. joined Etqaan Group in organizing the auction.

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