An Essex-based Caribbean luxury resort developer hit by delays has confirmed it will pay back some investors.
Harlequin Property has said it will return any cash they are entitled to, the Basildon Echo reports.
Nine investors are involved in court claims filed against Harlequin at the East Caribbean Supreme Court to get back deposits and compensation, plus damages for alleged misrepresentation by the firm.
The Financial Services Authority (FSA) previously looked into practices at the business in 2010.
Cater Ruck solicitor Adam Tudor, who acts on behalf of Harlequin Properties, said: "I confirm that Harlequin is disputing a number of claims brought by purchasers in the Caribbean but it is only doing so in relation to those who are seeking more than they are entitled to claim under the terms of their purchase contract.
"Harlequin has happily repaid a number of purchasers but is not prepared to pay sums that are not owed."
A recent decision of the High Court of Saint Vincent and the Grenadines concluded certain claims were not enforceable and this followed in a number of other cases, he said.
He said the number of individuals who have sought to cancel their contracts and seek repayment amounts to a "tiny proportion of investors".
Harlequin has sold about 6,000 offplan properties across six Caribbean resorts and one in Brazil, but so far built some 300 at Buccament Bay in St Vincent, according to the Echo.
Some investors asked for refunds, but in some cases were told up to a third of their deposit would not be repaid because it has been spent on commissions to sales agents and would be paid back over one to two years.
Harlequin has also been unable to arrange borrowing to develop all its resorts or to provide loans to investors to complete their purchases.
Tudor said: "The only contact that my clients have had with the FSA was in mid 2010. Harlequin liased fully with the FSA, which was satisfied with the information that was provided."
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