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Lebanon: Hariri's Saudi Oger Empire for Sale [Al-Akhbar (Lebanon)]
[November 19, 2013]

Lebanon: Hariri's Saudi Oger Empire for Sale [Al-Akhbar (Lebanon)]


(Al-Akhbar (Lebanon) Via Acquire Media NewsEdge) The Hariri-owned company, Saudi Oger, continues to struggle, burdening its owners with massive debts despite repeated layoffs and "restructuring." Now its majority stakeholder, Saad Hariri, is putting part of the company up for sale.



Former Lebanese prime minister and Future Party leader Saad Hariri's visitors in Saudi Arabia continue to report that the crisis facing his company, Saudi Oger, is far from over. Years of corruption and mismanagement among the company's top executives have left it nearly $3 billion in the red, according to these sources.

Other sources suggest that Hariri intends to sell his brother Ayman's share, as Saad holds him responsible for the state of Saudi Oger today.Reports are now reaching former Oger employees that Hariri is considering selling part of the company to a member of Abu Dhabi's royal family, Mansour bin Zayed, which could greatly improve the firm's financial situation. Some of the news suggests that the share in question may be in Oger Telecom, of which Hariri has sold 35 percent to the Saudi telephone company, STC.


The telecom sale had netted Saad $2.5 billion at the time, most of which was used to pay off his older brother Baha, who had made the decision many years ago to separate his business from the rest of the family's. Other sources suggest that Hariri intends to sell his brother Ayman's share, as Saad holds him responsible for the state of Saudi Oger today.

Talk of a possible sale raised hopes among employees of Hariri institutions in Lebanon that they may finally be paid back wages and other benefits that had been withheld due to the Hariri family's financial difficulties in Saudi Arabia.

However, relatives of Saudi Oger employees, particularly in Saida, fear another wave of layoffs in the company, following the recent termination of 25 Oger staff from the city after working in the firm's Quran printing press located in Medina for 25 years. Most of these employees hail from large families in Saida who have alway be loyal to the Hariri's Future Party at election time.

This article is an edited translation from the Arabic Edition.

(c) 2013 Al-Akhbar. All rights reserved Provided by Syndigate.info an Albawaba.com company

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