Fortress Prime is preparing for a new appointment to the senior management team of the company, Finance Magnates has learned. Sources with knowledge of the matter have stated that the ailing Dubai-based company is preparing for a new management team in an attempt to restore some credibility to the brand.
After the resignation of the former CEO of the company Mitch Eaglstein six months after withdrawal issues became apparent, the Dubai-based brokerage has on-boarded Nidal Abdelhadi who has been serving as Head of Institutional Sales at Swissquote and MIG Bank for almost a decade.
As member of MIG Bank’s management team, Abdelhadi held a number of leadership roles, which were key to the development of the Swiss brokerage.
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Fortress Prime has been experiencing substantial difficulties since last August, after it suspended all withdrawal requests of its clients and failed to adhere to numerous timelines for fund withdrawals. Both large retail clients and a number of prominent brokers in the industry have been holding funds at the Dubai-based firm.
Fortress Prime, which is owned by Fortress Capital Investments, was recently reported by Finance Magnates to be winding down its business. To date, no major brokers have received their funds from the company, about six months after the first reports about pending withdrawal requests were reported by Finance Magnates.
Over the past couple of weeks, the firm has been claiming to its customers that it will be returning their funds in four quarterly installments. On their part, a number of clients of Fortress Prime have continued to demand that the firm immediately compensates them in full. A few smaller clients of the company have stated that they received a first 25 per cent quarterly installment of their funds held at Fortress Prime.
At the time of publication, neither the management nor the legal advisor which has been hired by Fortress Prime and Fortress Capital Investments have replied to requests for a comment.