Hariri sells Oger Telecom, the hen that lays golden eggs

Al-Akhbar daily reported Friday that the financial crisis besetting former PM Saad Hariri is coming to an end, adding that various sources reveal that Hariri has reached the final phase of negotiations with Saudi Telecom Company (STC) in a bid to sell another portion of his company, Oger Telecom, for an amount exceeding $2.8 billion.

The daily reported that, according to unverified information, Hariri has reached a preliminary agreement with the concerned Saudi party that would put an end to the financial crisis, which began two years ago and has reached its peak over the last 6 months.

 The daily reported that Hariri’s debts have piled up over the years to reach $2.5 billion, according to sources close to him, adding that “part of the debt is owed to his brothers and people close to his deceased father Rafik Hariri, while other parts are attributed to the chaos that took over Saudi Oger during the last years.”

 In 2008, Hariri sold 35% of his company’s shares to the STC for more than $2.5 billion which, according to the daily, allowed him to pay off a great part of his debt, owed to his eldest brother Bahaa.  

Well-informed sources expect Oger Telecom to be the “hen that lays golden eggs” for Hariri.