Wednesday 29 January 2020

Top contractor Saudi Oger's debts top $10bn

RIYADH, May 27, 2019

A Saudi court has estimated the accumulated debts of the now-liquidated construction giant Saudi Oger to be at more than SR40 billion ($10.6 billion), said a report.

This includes SR22 billion owed to suppliers and SR2.6 billion owed to employees in outstanding dues such as delayed salaries and allowances, end-of-service awards and other entitlements, stated the Saudi Gazette, citing the Executive Court in Riyadh.

They said the amount of money kept in the court's custody only amounted to SR83.7 million while the company's bank account only had a balance of SR171,000.

According to the sources, more than 6,000 people had approached the court demanding it to intervene to get their dues from the company paid, in addition to a number of banks and private companies, stated the report.

The sources said the company also owed the government SR38 billion, it added.


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