PETALING JAYA: The Kuala Lumpur High Court has frozen nearly RM20 million of ’s assets and funds following an ex parte injunction granted against the private investment company.
The plaintiffs’ lawyer, Rajesh Nagarajan, stated that Judicial Commissioner Yusrin Faidz Yusoff issued the order yesterday after an application was made on behalf of his 64 clients, who are suing AlphaCapital for breach of contract, seeking a collective claim of RM19,831,440.50.
The court ordered the freezing of RM19,831,440.50 from AlphaCapital’s funds held across four bank accounts. The injunction also covers any funds, credit balances, or loans of the same amount held in any financial institution under AlphaCapital’s name, as well as all assets and shares issued by the company.
Additionally, AlphaCapital has been instructed to provide detailed information on any other bank accounts, assets, or funds within 48 hours of receiving the court order. The company must also supply the 64 plaintiffs with supporting documents that detail how the invested funds were utilised.
The ex parte injunction is in effect for 21 days, ending on September 24. During this period, the court will determine whether to extend the Mareva injunction until the case is resolved or to lift it.
A Mareva injunction is a temporary legal measure that prevents a defendant from disposing of assets while a civil case is ongoing.– FMT (Free Malaysia Today)
