Riyadh – Mubasher: Maan Al-Sanea, a detained Saudi billionaire and the owner of Saad Group, is seeking to settle his multi-billion dollar debts under a deal that includes his release, informed sources told Reuters.

Al-Sanea was detained in October in the city of Khobar, Saudi Arabia for unpaid debts, Reuters added.

“Reemas Group, a financial consultancy hired by Saad Group, has outlined a proposed settlement covering $4 billion in debt,” Reuters revealed.

Reemas informed creditors via an email that they would get more money under a settlement more than what they would receive after the liquidation of the company, the international news agency reported.

Al-Sanea’s detention took place a few weeks before the launch of Crown Prince Mohammed bin Salman’s anti-corruption measures; however, there is no link between both events, Reuters remarked. 

Al-Sanea could have been released if his debts with creditors were settled, Reuters reported, citing a source at the Ministry of Justice in Riyadh as saying.