It’s been a tough couple of months for clients of Fortress Prime after the company suspended withdrawals in August 2015. The liquidity situation of the forex and CFDs liquidity provider has forced the group to announce that it is raising additional funding in November, however until today that hasn’t resulted in any positive developments for customers awaiting their withdrawals.
This Monday the price feed that Fortress Prime has been providing to clients was frozen. This has served to raise alarm bells amongst clients of the company and caused them to begin doubting whether the firm is still operational.
Finance Magnates reporters have reached out to the newly appointed Senior Executive of Fortress Prime, Mustafa Gamaledine, who has elaborated on the company’s current position.
When asked about the price feeds, Mr Gamaledine said that the company is transferring its service to a new bridge provider.
trading should resume by the 30th of December
“The change will significantly enhance our performance. The transfer has taken a bit longer than planned due to some bumps, however we are continuously communicating with our clients regarding this issue and trading should resume by the 30th of December,” he explained.
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Fortress Prime UK Subsidiary Closed
Document filings with the UK Company House have also revealed that the firm’s effort to expand its operation in London and eventually apply for a license with the U.K. Financial Conduct Authority (FCA) have been scrapped.
The UK unit of the company called Fortress Prime Clearing Limited has not submitted its accounts and the firm’s director and secretary Mazhar Manzoor has been terminated. After the withdrawal delays which started in August and are still ongoing, getting regulated with a respectable watchdog has become a very distant possibility.
Commenting on the closure of the UK company, Mr Gamaledine said that the company is currently centralizing all of its operations to the UAE.
Withdrawal Delays Continue
As to the continuing issue of clients sans withdrawals, the firm’s Senior Executive stated: “The current withdrawal issue is closely tied to our internal restructuring that includes technology as mentioned earlier. Our shareholders have set specific targets to be achieved in terms of restructuring and the review of all past deals that have been done.”
“We are currently very close to get the round of funding as changes are being confirmed as satisfactory. We are anticipating the issue to be resolved in the first week of 2016,” he added.
Commenting on the current management of Fortress Prime, Mr Gamaledine said: “Mitch Eaglstein remains CEO of Fortress Prime, however to insure efficiency, he will be working closely with our shareholders to ensure that all interests are in line.”