A Riyadh court has estimated the accumulated debts of liquidated construction firm Saudi Oger at over SAR 40 billion ($10.67 billion), according to media reports.
The amount includes SAR 22 billion ($5.87 billion) owed to suppliers as well as SAR 2.6 billion ($693.2 million) in delayed salaries and allowances, end-of-service benefits and other entitlements owed to former employees, according to Saudi Gazette.
Court sources cited by the newspaper said that the amount of money remaining in the court’s custody amounted to SAR 83.7 million, while the company’s bank account had a balance of SAR 171,000.
The sources added that over 6,000 people had approached the court seeking help in getting their dues from the company.
The firm, linked to Lebanese Prime Minister Saad Hariri, collapsed amid allegations of mismanagement and corruption in 2017, leaving thousands of workers unpaid.
Because creditors could not agree to a settlement, a Saudi court appointed a liquidator to wind up the company’s operations.
The company is also believed to owe the government SAR 38 billion.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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