An investor accused of looting SR400 million from more than 6,000 Saudis and Gulf citizens, has pledged before a judicial body to return all the financial rights of the investors if a specialized committee was formed in this regard.

The investors from their part demanded Riyadh governorate to form a committee to solve the problem and return their money.

In a letter addressed to the Bureau of Investigation and Public Prosecution in Riyadh, the defendant claimed he demanded the body to form this specialized committee for him to repay the liabilities. He noted in the letter that he will assign chartered accountants in coordination with the formed committee to review the contracts and pay the investors’ money entitlements.

He claimed the reason for not paying was primarily because the Ministry of Commerce and Industry halted all dealings with him since three months ago on the grounds that it is not legally permissible that the factory be the tenant. According to him, he was obliged to settle all the contracts, which he did and that led to all tenants to move randomly.

The investors, he claimed, damaged and destroyed a big part of the documents and archives, which entailed calling the police, noting that a number of them already forged fake contracts.

Riyadh’s General Court halted earlier the lawsuits filed by a number of affected citizens by the case. The Court received more than 500 of the litigants demanding to prosecute the accused man and they were all redirected to Riyadh police.