Fortress Prime Confirms Clients Withdrawal Delays

Fortress Prime Confirms Clients Withdrawal Delays

Following client reports that Fortress has been delaying some withdrawals for over a month, the group has confirmed to Finance Magnates that it is indeed having issues sending out funds.

“We acknowledge we have had banking issues due to our rapid growth and are working to resolve this swiftly,” a Fortress company spokesperson said today. It is also expected that by stating swiftly, the company means only a day or two until the payments are sent to clients.

The United Arab Emirates-based Fortress Capital Investments was founded in 2010 as a highly diversified investment house. The firm also operates as a clearing house and boasts having very deep capital reserves, as well as royal backing.

In September 2014, the group launched Fortress Prime to offer custom margin and credit solutions to forex brokers worldwide as well as prime liquidity. At the time, the company reportedly had in its coffers a total equity close to $130 million. The company has a UAE Central Bank license, and is already in the process of getting regulated by the UK’s Financial Conduct Authority (FCA).

His Highness, Sheikh Mohammed Bin Sultan Bin Hamdan Al Nahyan, has joined Fortress as Honorary Chairman and Partner. This effectively means that the venture is backed by the Al Nahyan Family, one of the six ruling families in the United Arab Emirates and is estimated to have a fortune worth $23 billion.

All this indicates that the withdrawal issues are likely to emanate from operational or structural difficulties caused by rapid growth rather than liquidity problems.