A dispute has arisen between Saudi and Kuwaiti investors on the one side and a New Zealand company on the other after the latter allegedly delayed paying their funds worth $2 million.
The Saudi and Kuwaiti investors had entered into a partnership with the New Zealand company to invest in foreign currency after agreeing on a profit margin, said Ahmed Al-Motairy, their agent.
He alleged that the company collected about $2 million from the investors and invested it for more than a year.
“When many clients started withdrawing their money because of their situations, the company did not pay their money and applied delaying tactics without giving any good reasons,” he said.
Al-Motairy alleged that the company had been following such delaying tactics for the past three months.
“The company said recently it would take a loan from a European bank to pay back their money, but the investors are not believing them.”
He added: “The investors have warned that they would disclose the company’s name if it failed to pay their money immediately.”
Saudi investors accuse NZ company of delaying tactics
