Saudi auction for 29 horses to settle debt

Order is first in kingdom

A Saudi court ordered the selling of 29 horses in an action to settle debt owned by their owner, the first such a sentence in the Gulf kingdom.

The court issued its sentence after the unnamed debtor failed to pay his creditors in the Western Red Sea port of Jeddah nearly SR1.5 million (Dh1.5 million ), Ajel Arabic language newspaper said.

“Legal sources said it could be the first time that a debtor’s assets that are not related to cash, shares or property are ordered sold by a court to settle debt,” it said.