(MENAFN- Arab News) A Turkish investor has allegedly run off with SR260 million that he had been given by a well-known firm in the Eastern Province to complete a villa a local publication reported recently.

The property firm of the expatriate had a contract with the company that had undertaken the project. The man fled the country leaving behind huge debts unfinished work and damage to the project sources alleged.

The victims were the small contractors owners and employees of the well-known firm including those who were promised housing units for more than five years the sources claimed.

Meanwhile the local firm and small contractors have agreed to file a lawsuit in Dammam to have the project liquidated and a new contractor appointed. The Turkish investor had apparently stayed for 10 months in the Kingdom. He had brought in a group of small contractors to carry out the project but never paid them the sources said.