A group of 16 Taiwanese investors have now come forward claiming they are owed thousands of pounds by the owners of Cardiff's Coal Exchange hotel.
The transformation of Cardiff's Coal Exchange into a luxury hotel was completed in 2017, but it is now embroiled in a row over money.
The hotel was taken over by Signature Living, a company run by businessman Lawrence Kenwright, and opened in 2017.
Mr Kenwright has previously been declared bankrupt and his company was liquidated but said he was the right man to save the business.
He claims the hotel will be worth around £40m when it is complete.
Mr Kenwright also has premises in Liverpool and it is run via a scheme where investors, many from around the world, invest their money for a “zone” of the property.
The communal areas are held by the company.
And after three years, the investors have an option to buy back control from their investors.
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The group of 16 Taiwanese investors say each of the units they were offered were marketed as being £69,750 - £139,750 depending on the scale of the room.
In 2017, around 16 investors and the investment company invested in The Exchange Hotel in Cardiff and signed and entered into a sublease contract with Signature Living for a period of 10 years.
The first window where they could be bought out is in the third year.
However, they claim during that period the company has regularly breached its contract and failed to pay money due to them.
They claim nothing has been paid since February 2019.
On November 7, the investment scheme's owner travelled from Taiwan to Liverpool where he met with Mr Kenwright and financial manager Paul Egan.
He said he left the 海角视频 thinking an agreement had been reached about the outstanding money, but to date nothing has been paid.
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Speaking from Taiwan to our , he said he was first aware of the investment opportunities being offered by Signature Living in 2014.
He came to the 海角视频 and was shown another of Mr Kenwright's properties - The Shankly Hotel in Liverpool - which he decided to invest in.
When he was then told of further opportunities in Cardiff, he offered it to clients.
"We exchanged the contracts but then the first payment was delayed.
"None have been successful other than when we have chased them company for them.
"It has been a very tedious process and they just kept making excuses. They would send us proof of payment but we would later discovered these could be forged.
"There were countless payment delays," they said.
His clients are now concerned.
"That is the most worrying part because we are responsible for the Taiwanese investors.
"Most of them can't just fly to the 海角视频 every single time when there is a problem and many don't speak English.
"Our reputation is on the line," he said.
"Our investors can't understand why this is happening."
They said that most of the conversations between the investors and Signature Living are via email.
"Mostly we speak to them via email or on the phone, but most of the correspondence has been ignored by Signature Living," he said.
"But in November, they visited the 海角视频 and Mr Kenwright said there would be the option for investors to sell back their investment at the original price 'plus investment uplift'.
They believed this would be an option in March 2020.
"As a collective, the investors are baffled as to why this has happened. They signed a legally binding contract and that's being ignored so blatantly.
"The main reason he has given us is because of Brexit and there has been a downturn in the British economy.
"But we know for sure that's not the reason. I think it's because he has over expanded his hotel group and he's been too quick buying property."
The group has been liaising with Cardiff South and Penarth MP Stephen Doughty who was re-elected on Thursday.
Mr Doughty has long expressed concerns about the scheme.
He said: "These are deeply concerning reports and developments. But to those of us who have been approached with concerns over the last few years, and to people like myself who repeatedly warned - including in Parliament - about the financial model and business history of the developers - this comes as no surprise.
"Brexit is of course a huge risk to all businesses in the 海角视频 but any look at the business history of those involved with the Coal Exchange development will see the alarm bells were ringing well before Brexit reared its ugly head.
"Signature Living must now come clean on their financial situation, when and whether or not investors will be repaid, and how they will meet their obligations to customers, contractors and our community. They need to be held to account for the promises they made on this project and many others."
In response, Signture Living said: " Signature Living has a proven track record of bringing derelict buildings back into commercial use as high-end hotels. The Coal Exchange Hotel required £3m of funding to finish the construction works and we have now secured that from our lending partners and are commencing the final phase of these works. Once the hotel is complete all investors will be redeemed, as well as receiving their anticipated ROI. We have spoken to all investors to update them on progress.
"Brexit uncertainty has reduced liquidity in the property development sector, which for Signature Living has resulted in delays in securing the necessary finance from banks to buy-out investors from some of our schemes. This is a well-documented issue faced by many firms across the 海角视频 presently.
"When construction at the Coal Exchange is complete our combined debt will be around £24m against a gross development valuation of £35m. A large part of the hotel is already trading and as more bedrooms become available over the coming weeks, we will reach full practical completion of the property. At that time, we will revalue the hotel on the basis of being a going concern (fully trading), at which point we would expect a valuation of around £40m.
"Even at the current gross development valuation Signature Living can demonstrate a significant profit, and there is more than sufficient equity in the project to repay all investors their full stake.
"Signature Living owns the freehold and has a right to buy-back the investors over a three to seven year period. Each investor retains this secured structure throughout the term of their investment and are thereby protected."