A legal representative has asked a court in Jeddah to delay the selling of land, the proceeds of which were to be used to pay back investors who have been waiting for their money for 25 years. Foad Al-Ajhori, a Saudi businessman who took money from investors some 25 years ago, had been ordered by the Court of Grievances to sell a plot of land in North Obhur by the end of December in order to pay back owed monies, but now legal accountant Saleh Al-Nuaim, who was appointed by the court to defend investors' interests, is attempting to defer the sale. “Selling the land now will incur considerable losses,” Al-Nuaim said. “A delay in the sale, however, will benefit some 8,765 investors.” Money promised to investors by Al-Ajhori amounts to SR849 million, with SR672 million representing original investments and the rest projected profits, and Al-Nuaim argues that the sale of land before the end of the global financial crisis would incur a considerable loss of profit. –SG __
