To,
The Investor’s Complain & Grievance Department
MISA/SAGIA, Riyadh
Date: 26th February 2021
Subject: Appeal for justice and restoration of faith in Investment Community
Request & Demand:
- Return back all company share & office key with my all documents and all my receivable and authority since share transferred value till now doesn’t pay/unpaid.
- Provide all profit of 2 last years (which received till now SR 3 million) and projects still ongoing.
- Immediately renew my ID & release my expenses as per agreement.
- If above not accepted then purchase our all share and should pay SR 1.4 million (as per valuation from consultant on 3rd June’2017) and all my pervious receivable otherwise we wish to dissolve company and want my all payment & rights.
Respected Sir/Excellency,
I am Mohammad Shakil, acting as an investor & CEO of Nawazinda Total Technologies Co Ltd – NTT groups, India (established in 1991). I would like to seek your kind attention and help in restoration of company ownership, renewal of ID, reclamation of all expenses, salary and receivables from my Saudi Partner.
The details of three entities formed through SAGIA/MISA in KSA by NTT Group are as follows.
- Formation of Nawazinda Telecom Technologies with CR 1010252554 as an establishment on 25th June 2008.
- Formation of Nawazinda General Contracting (NGC) with CR1010298109 as an establishment on 19th June 2010
– In the process of closure.
- Formation of Nawazinda Plastic Industries (NPI) with CR1010334826 as an establishment on 10th October 2011
– In the process of closure.
On 19th April 2018, I have decided to convert Nawazinda Telecom Technologies into a company with the following as partners:
- Dr.Nawazinda Mohammed Ali – hereafter referred to as ” Party A”.
- Ms.Nawal bint Ali Bin Mohammed Alaqeeli – hereafter referred to as ” Party B”.
Following were some of the terms and reasons to start this partnership with ‘’Party B’’ and converting establishment into a company as well as we did documentation and signed off:
- Commitment to inject fund to the tune of approximately SR 50 million from “Party B”.
- Majority of share-holding to “Party B” based on the commitment of injection of funds.
- As per principal and gentleman agreement “Party B” will be an investment partner, and “Party A” will manage the complete businesses, including but not limited to bank authorization.
- As per evaluated by SAGIA consultant on 3rd June 2017 and only License cost should consider SR 1.4 million and ‘‘Party A’’ agreed to sale out up to 80% with SR 1 million.
- Any receivable due (nearly SR 8 million) before the company’s formation (April 2018) will be transferred in full to the parent entity, i.e., M/S Nawazinda Total Technologies Co. Ltd Delhi, India.
However, since our partnership, “Party B” has done several fraudulent acts and not honoured many essential commitments. Some of the examples are as follows:
- Amendment of AOA, which was agreed during formation but later amended fraudulently.
- False commitment of funds (up to SR 50 million) To date, “Party B” has invested only SR 1.1 million & which already Received.
- Amendment of user IDs & passwords in all government communications portals unilaterally due this I’m unable to renew my ID/Iqama too.
- Seizures of all our letterheads, company stamp and office lock by “Party B” also placed notice without my (‘’Party A’’) information or permission. However, this office belongs entirely to us (‘’Party A’’), which we are using since 2008 and all the documents and assets in this office belong to us (“Party A”).
- Till now ‘’Party B’’ doesn’t pay/unpaid share transferred value (SR 1 million) which ‘’Party B’’ is claiming that ownership of 80% share in company.
- ‘’Party A’’ signed off SR 100k promissory note as loan after signed ‘’Party B’’ didn’t pay money nor returning signed promissory notes.
- One Telecom connection using by company issued by ‘’Party B’’ (personal name) and last 3 months not at paid.
- Pressurising, threatening and harassing for bank POA (Power of Attorney) and Signed off wrong Tax/Zakat statement.
- Apart from AOA having principal and gentleman understanding and agreement between ‘‘Party A’’ and ‘’Party B that ‘’Party A’’ will receive 40% from net profit with SR 20K monthly expenses as a salary for working and managing as CEO and bring projects and managing project with same capabilities and authorities.
- Lack of activation of new company account we both (‘‘Party A’’ & ‘’Party B’’) agreed to transfer ongoing projects receivable from client to ‘’Party B’’ (personal establishment account) with certain conditions and till now received amount almost SR 3 million and ‘’Party B’’ not honouring and not releasing share profit or any details and statement to ‘’Party A’’ as per calculation every month getting net profit minimum SR 80K.
- In addition to all of the above, last 2 years ‘’Party B’’(Dr. Said Ar Rabiah ) is continuously threatening and harassing and not honouring and fulfil any commitment mentioned above.
- Every time just trying to use fallacy techniques to divert the topic and talking high and loudly as well as threatening that I’m Saudi and this is my country and this is my right and trying to highlight and pointing out my problem only.
I would like to bring this to your kind notice to seek help in the injustice done to my organization and me.
We shall be highly thankful to you for this act of kindness.
Thanking you
Best Regards
Eng.Mohammad Shakil Party ‘‘Party B’’
Present CEO & Acting Investor Dr.Said Mohammed Ar Rabiah
(since 2008) NTT GROUPS Acting Shareholder & Chairman
Party ‘‘Party A’’ Ms.Nawal bint Ali Bin Mohammed Alaqeeli
Dr.Nawazinda Mohammed Ali Fangari shareholder
Investor & shareholder Email – said.rabiah@gmail.com
Email-shakil@nttgroups.com Mob – +966555312421
Mob – +966549991004
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