TEHRAN, Young Journalists Club (YJC) - Over the past 39 years, Saudi Oger owned by Hariri family made huge financial gains worth billions of US dollars, however, over the past few years, the company suffered losses due to prevailing economic conditions and poor corporate governance.
The Wall Street Journal reported in November that the company shut down its main headquarters in Riyadh after Saudi Arabia’s royal family cut spending on luxury construction projects.
The newspaper quoted former employees of the company as saying that the company had relied on the Saudi government to pay millions of dollars in wages owed to its former employees and that Saudi officials were investigating the company’s funding.
The newspaper pointed out that the problems experienced by the company reflected on the influence exercised by the Saudi authorities on Hariri as well as on Lebanon itself.
Sourece: Middleeastmonitor, Al-Alam