The execution court in Riyadh started last week in the first procedures of the "Saudi Oger" company liquidation, which is owned by the family of the Lebanese Prime Minister Saad Hariri.
According to the local media, according to the Saudi lawyers, the court limited the debts of Saudi Oger to 21 billion riyals, while the amount, confiscated in the court amounted to 83 million and 700 thousand riyals, and just 171 thousand riyals to the banks, where the demands reached more than 6000 for the parties and other banks.
The sources said that the court offered the creditors friendly settlement, so that they meet the company’s debts through taking (1%) from each of them, which was rejected. Thus, the court issued a decision to distribute the debts to the creditors.
According to the daily newspaper,” Okaz”, the priority ranking of debt holders starts first with the implementation costs, which include the cost of appointing an expert, advertising in newspapers, auctioning. etc, followed by the entitlements, thirdly, the payment of the workers, and fourthly the the money owed to the state, and finally in fifth place the court ranked all the other debtors.
The lawyer, Asim Al-Issa said in an article in the newspaper, "Mal", that the priority in payment starts with the implementation expenses and debts encumbered by real estate (which are actually state’s debts) , followed by the workers’ wages, and then the amounts owed to the state and the rest is for the creditors.
Mohammed Al-Ghamlas, a legal adviser, confirmed that the court decided to "distribute the amount to the employees, then divide the debts of the state and then the creditors."
#debts #Saudi_Oger #liquidation #Saudi_Arabia
العربية 
English