Although ownership of Binladin currently remains with the family, the group is in negotiations with the government about the potential transfer of some assets to the state, or possibly reducing or eliminating the government’s outstanding debts to Binladin, the sources said.
One banking source with detailed knowledge of the group said the debt might total around $30 billion – the legacy of a period about 18 months ago when the government held off from settling many of its debts as its finances were hurt by low oil prices.
It is not clear whether the government’s handling of Binladin may set a precedent for the cases of other businessmen detained in the corruption purge.
They include one of the kingdom’s most prominent businessmen, Prince Alwaleed bin Talal, who is chairman and owner of global investment firm Kingdom Holding.
Because of Binladin’s strategic importance to the construction industry and development projects, as well as its financial struggle, it may be treated differently from the assets of other detained suspects.
The new management committee’s government representatives include Abdulrehman al-Harkan, a former chief executive of Saudi property company Dar Al Arkan, and Khaled Nahas, a board member of petrochemical producer Saudi Basic Industries Corp, the sources said. There are also two family members on the committee: Yehia Bin Laden and Abdullah Bin Laden.
Previously, the family was in total control of the group, with Bakr Bin Laden taking most decisions, the sources said.
Although Osama Bin Laden, the founder of al-Qaeda who was killed by U.S. forces in 2011, was part of the same family, the company did not have any ties to him.
