Thousands Flock to Auction of Vehicles Owned by Saudi Tycoon

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20 March 2018 07:56 WIB

People gather during an auction for vehicles and other possessions belonging to billionaire Maan al-Sanea and his company in Dammam, Saudi Arabia March 18, 2018. Thousands of people attended the first day of an auction of vehicles owned by indebted Saudi Arabian tycoon Maan al-Sanea and his company, a sale which officials say will go towards repaying about 18 billion riyals ($4.8 billion) owed to creditors. REUTERS/Zuhair Al-Traifi

20 Maret 2018 00:00 WIB

A man gestures during an auction for vehicles and other possessions belonging to billionaire Maan al-Sanea and his company in Dammam, Saudi Arabia March 18, 2018. Authorities say the auction, the subject of huge interest in the Eastern Province where his business is based, reflects their focus on improving corporate governance and by extension Crown Prince Mohammed bin Salmans commitment to economic reforms. REUTERS/Zuhair Al-Traifi

20 Maret 2018 00:00 WIB

A man looks at vehicles belonging to billionaire Maan al-Sanea and his company as they are auctioned by Saudi authorities in Dammam, Saudi Arabia March 18, 2018. Creditors ranging from unpaid workers to local and international banks hope the process, which at a later stage will include sale of bigger assets such as property, will lead to repayment of at least part of their debt. REUTERS/Zuhair Al-Traifi

20 Maret 2018 00:00 WIB

People sit during an auction for vehicles and other possessions belonging to billionaire Maan al-Sanea and his company in Dammam, Saudi Arabia March 18, 2018. The businessman, ranked in 2007 by Forbes as one of the world's 100 richest people, was detained by authorities late last year for unpaid debt dating back to 2009 when his company, Saad Group, defaulted on payments in what was Saudi Arabias biggest financial meltdown. REUTERS/Zuhair Al-Traifi

20 Maret 2018 00:00 WIB

People walk past vehicles belonging to billionaire Maan al-Sanea and his company as they are auctioned by Saudi authorities in Dammam, Saudi Arabia March 18, 2018. His case is separate from the dozens of Saudi businessmen and prominent figures who have been held in a corruption crackdown, although the dispute touches on similar investor concerns about Saudi corporate governance. REUTERS/Zuhair Al-Traifi

20 Maret 2018 00:00 WIB

People are seen as vehicles belonging to billionaire Maan al-Sanea and his company are auctioned by Saudi authorities in Dammam, Saudi Arabia March 18, 2018. A three-judge tribunal established in 2016 to resolve Saad's debt dispute late last year appointed a consortium called Etqaan Alliance to liquidate assets owned by the billionaire. The first phase of the auction was launched this week, with around 900 vehicles including lorries, buses, diggers, forklift trucks and golf carts, owned by Saad Group, based in the city of Khobar, going under the hammer. REUTERS/Zuhair Al-Traifi

20 Maret 2018 00:00 WIB