The judicial department responsible for liquidating the estate of Sheikh Saleh Abdulaziz Al-Rajhi, one of the largest businessmen in the Kingdom, has decided on the choice of the (legal and accounting) alliance that will be assigned to liquidate the legacy of Sheikh Saleh Al-Rajhi (real estate assets and land only, whose market value is estimated at more than 90 billion riyals according to market prices in the current period), most of which are concentrated in the main cities of the Kingdom.

Amlak has learned that the consortium of Al-Salhiya Law Firm and Saad Bin Ghoneim was assigned by the competent judicial department to liquidate the estate after studying and examining all offers submitted to liquidate the estate, and selecting the consortium that met the conditions and criteria set by the court to liquidate the estate, consisting of a number of lawyers and legal accountants, based on the conditions stipulated by the judgment, and the evaluation criteria set by the department.

Amlak has learned that the consortium was assigned by the competent judicial department to liquidate the estate.

This comes after the issuance of a Supreme Decree to form a circle of three judges to look into the case, decide it legally and divide the estate among the heirs, after which the Supreme Judicial Council issued a decision naming the members of the circle.

After that, the Supreme Judicial Council issued a decision naming the members of the circle.

The competent department had issued a ruling, which was upheld by the Court of Appeals, to sell and liquidate the estate and divide its value among the heirs, as well as appointing a board to guard the estate, a board to control the estate, and a board to liquidate the estate.

After the announcement, more than 200 lawyers and chartered accountants applied to the court to obtain the liquidation terms booklet, providing bank guarantees of more than 50 million riyals, and then submitted their offers, where the offers submitted by the conglomerates included more than 30 real estate companies specialized in marketing and valuation inside and outside the Kingdom, and more than 100 legal, financial, advertising and real estate consultants, in addition to 6 local banks that entered into conglomerates to finance the offers.

After the announcement, more than 200 lawyers and chartered accountants applied for the liquidation terms booklet, providing bank guarantees exceeding 50 million riyals, then they submitted their bids.

The competent judicial department at the General Court in Riyadh studied the offers, whose papers and documents totaled more than 10,000 papers, examined them, and excluded those who do not meet the conditions from these conglomerates according to specific criteria for evaluating the offers, and among the criteria that were adopted was the liquidation board's fee, which the department determined not to exceed 3%, in addition to the experience of the head of the conglomerate and members based on the work they have done and proven in documents, the work plan from study, marketing and advertising, and administrative and financial structure.

The department also prepared a brochure that includes the conditions, tasks and obligations to be fulfilled by the liquidator and the tasks assigned to him and the inventory of the objects to be liquidated, and among the conditions specified by the court and included in the brochure: The number of board members must not be less than three law firms and three legal accounting firms licensed by the competent authorities, and the experience of each member in his field must not be less than five years after obtaining the necessary official license to practice the profession, and the head of the liquidation board must be determined from among the joint liquidation board members with experience, and the conglomerate must provide an initial bank guarantee The conglomerate must provide an initial bank guarantee of one million riyals along with its application to become the liquidator of the estate, to be refunded if it is not approved as the liquidator of the estate, and the conglomerate must provide a final bank guarantee after being approved as the liquidator of the estate worth five million riyals, and that the headquarters of the liquidation board is the city of Riyadh, and that the conglomerate presents its work plan and its duration in a detailed and accurate manner, including the method and procedures for holding auctions.