JEDDAH: A fast-track court in Jeddah has canceled an auction to sell a piece of land owned by Ahmad Al-Seraisry, a stockbroker accused of cheating more than SR800 million from his clients.
The land was to be sold to raise cash to pay off Al-Seraisry’s creditors. The court said the bids it received were far below the expected price for the 11,000-square meter plot of land on the northern Corniche.
“It was apparent that the current financial crisis has made its effects on the offers made by businessmen for Al-Seraisry’s piece of land. The court had no other option but to cancel the auction,” said a source, who requested his name not be published.
“The judge, who was trying to collect as much money as he could by selling Al-Seraisry’s properties for distribution among his victims, did not want to sell the piece of land because the sums offered were very little,” he added.
The court had previously issued a ruling confiscating all of Al-Seraisry’s properties. It also sentenced him to 15 years imprisonment and 1,000 lashes, fined him SR1 million and prevented him from traveling abroad for 10 years until he returned SR800 million to his thousands of victims.
According to the court verdict, Al-Seraisry’s properties in Madinah would be liquidated while his bank account containing SR20 million was frozen. The court also ordered the arrest of 22 of his partners.
Al-Seraisry’s properties in Madinah and Jeddah are estimated to have a combined value of SR300 million.
