Saudi Binladin Construction Group Misses Salary Payments

Saudi Binladin Group failed to pay thousands of employees as the construction giant reels under the impact of coronavirus and restructures about $15 billion of debt, Bloomberg News reported. The conglomerate missed some salary payments in April and May, according to people with knowledge of the matter. It’s not clear yet whether the company, which employs about 100,000 staff, will be able to pay those employees in June, the people said, asking not to be identified due to the sensitivity of the matter. Existing problems at the construction firm -- for decades Saudi Arabia’s go-to developer for mega-projects such as airports and holy sites in Mecca and Medina -- have been compounded by the impact of the coronavirus, which has halted developments and forced the company to burn through cash without any new project mandates, the people said. Read more