Latest news with #440.50
Barnama
15-07-2025
- Business
- Barnama
Two Company Directors Jailed 20 Days For Defying Mareva Injunction
KUALA LUMPUR, July 15 (Bernama) -- The High Court today sentenced two directors of an investment firm to 20 days in jail for contempt of court after they were found guilty of failing to comply with a Mareva injunction issued in a civil suit involving breach of contract. Judicial Commissioner Yusrin Faidz Yusoff handed down the sentence against the directors of Alpha Capital (M) Bhd, Syed Mahadzir Fadaak Syed Jamil Fadaak, and his wife, Erna Elliyana Rosli, for defying the court orders dated Sept 5 and Nov 22 last year. However, Yusrin allowed a stay of the execution of the jail sentence for two months from today, to give time for the couple to fully comply with the Mareva order issued on Sept 5, 2024. "In the totality of the circumstances, the court is not persuaded that the fine would be sufficient for a just sanction. "The great concealment of the material information, the failure to comply over an extended period and the strategic nature of the non-disclosure demand a stern response," said Yusrin in delivering his decision. In addition to the jail sentence, the court also ordered the couple to pay a fine of RM10,000 each within seven days, failing which they would face an additional seven days in prison. Last month, the court found Syed Mahadzir Fadaak and Erna Elliyana guilty of contempt for failure to adhere to the Mareva injunction filed by their investors in September last year. Today's decision stemmed from an interlocutory application in a civil suit filed by the 64 investors against Alpha Capital for failing to pay monthly dividend returns, involving a collective sum of RM19,831,440.50. A Mareva injunction is a temporary order preventing the defendant from disposing of assets until a decision is made in the case between the plaintiff and defendant.
The Sun
15-07-2025
- Business
- The Sun
Two company directors jailed 20 days for defying Mareva injunction
KUALA LUMPUR: The High Court sentenced two directors of Alpha Capital (M) Bhd to 20 days in jail for contempt of court after they failed to comply with a Mareva injunction in a civil suit involving breach of contract. Judicial Commissioner Yusrin Faidz Yusoff ruled that the directors, Syed Mahadzir Fadaak Syed Jamil Fadaak and his wife Erna Elliyana Rosli, had deliberately defied court orders issued on Sept 5 and Nov 22 last year. The court granted a two-month stay of execution to allow the couple time to fully comply with the Mareva order. Yusrin stated that a fine alone would not suffice given the severity of their non-compliance. 'The great concealment of the material information, the failure to comply over an extended period and the strategic nature of the non-disclosure demand a stern response,' he said. In addition to the jail term, the court imposed a RM10,000 fine on each director, payable within seven days, failing which they would serve an additional seven days in prison. The contempt charges arose from their failure to adhere to the Mareva injunction filed by 64 investors who accused Alpha Capital of failing to pay monthly dividends totalling RM19,831,440.50. A Mareva injunction is a temporary court order preventing defendants from disposing of assets until a case is resolved. During proceedings, the directors apologised, claiming they did not intend to disrespect the court. 'We did not intend to be in contempt of court, we do not understand what was being requested (in the Mareva injunction),' said Syed Mahadzir Fadaak. He added that their bank accounts were frozen, delaying a full audit report. Lawyers Sachpreetraj Singh and Simran Kaur represented the investors, while Ganesh Magenthiran acted for the directors. - Bernama
The Star
15-07-2025
- Business
- The Star
Two company directors jailed 20 days for defying court order
KUALA LUMPUR: The High Court on Tuesday (July 15) sentenced two directors of an investment firm to 20 days in jail for contempt of court after they were found guilty of failing to comply with a Mareva injunction issued in a civil suit involving breach of contract. Judicial Commissioner Yusrin Faidz Yusoff handed down the sentence against the directors of Alpha Capital (M) Bhd, Syed Mahadzir Fadaak Syed Jamil Fadaak, and his wife, Erna Elliyana Rosli, for defying the court orders dated Sept 5 and Nov 22 last year. However, Yusrin allowed a stay of the execution of the jail sentence for two months from today, to give time for the couple to fully comply with the Mareva order issued on Sept 5, 2024. "In the totality of the circumstances, the court is not persuaded that the fine would be sufficient for a just sanction. "The great concealment of the material information, the failure to comply over an extended period and the strategic nature of the non-disclosure demand a stern response," said Yusrin in delivering his decision. In addition to the jail sentence, the court also ordered the couple to pay a fine of RM10,000 each within seven days, failing which they would face an additional seven days in prison. Last month, the court found Syed Mahadzir Fadaak and Erna Elliyana guilty of contempt for failure to adhere to the Mareva injunction filed by their investors in September last year. Today's decision stemmed from an interlocutory application in a civil suit filed by the 64 investors against Alpha Capital for failing to pay monthly dividend returns, involving a collective sum of RM19,831,440.50. A Mareva injunction is a temporary order preventing the defendant from disposing of assets until a decision is made in the case between the plaintiff and defendant. Earlier in court, both Syed Mahadzir Fadaak and Erna Elliyana apologised, claiming they had no intention to disrespect the court. "We did not intend to be in contempt of court, we do not understand what was being requested (in the Mareva injunction). "The audit is currently in progress, but we have only received a draft audit report because we are unable to make payments to the audit company as all our bank accounts have been frozen," said Syed Mahadzir Fadaak. Lawyers Sachpreetraj Singh and Simran Kaur appeared for the 64 investors, while the couple was represented by lawyer Ganesh Magenthiran. - Bernama
Malaysian Reserve
15-07-2025
- Business
- Malaysian Reserve
Two company directors jailed 20 days for defying Mareva injunction
KUALA LUMPUR — The High Court today sentenced two directors of an investment firm to 20 days in jail for contempt of court after they were found guilty of failing to comply with a Mareva injunction issued in a civil suit involving breach of contract. Judicial Commissioner Yusrin Faidz Yusoff handed down the sentence against the directors of Alpha Capital (M) Bhd, Syed Mahadzir Fadaak Syed Jamil Fadaak, and his wife, Erna Elliyana Rosli, for defying the court orders dated Sept 5 and Nov 22 last year. However, Yusrin allowed a stay of the execution of the jail sentence for two months from today, to give time for the couple to fully comply with the Mareva order issued on Sept 5, 2024. 'In the totality of the circumstances, the court is not persuaded that the fine would be sufficient for a just sanction. 'The great concealment of the material information, the failure to comply over an extended period and the strategic nature of the non-disclosure demand a stern response,' said Yusrin in delivering his decision. In addition to the jail sentence, the court also ordered the couple to pay a fine of RM10,000 each within seven days, failing which they would face an additional seven days in prison. Last month, the court found Syed Mahadzir Fadaak and Erna Elliyana guilty of contempt for failure to adhere to the Mareva injunction filed by their investors in September last year. Today's decision stemmed from an interlocutory application in a civil suit filed by the 64 investors against Alpha Capital for failing to pay monthly dividend returns, involving a collective sum of RM19,831,440.50. A Mareva injunction is a temporary order preventing the defendant from disposing of assets until a decision is made in the case between the plaintiff and defendant. Earlier in court, both Syed Mahadzir Fadaak and Erna Elliyana apologised, claiming they had no intention to disrespect the court. 'We did not intend to be in contempt of court, we do not understand what was being requested (in the Mareva injunction). 'The audit is currently in progress, but we have only received a draft audit report because we are unable to make payments to the audit company as all our bank accounts have been frozen,' said Syed Mahadzir Fadaak. Lawyers Sachpreetraj Singh and Simran Kaur appeared for the 64 investors, while the couple was represented by lawyer Ganesh Magenthiran. — BERNAMA
New Straits Times
08-07-2025
- Politics
- New Straits Times
Excavation did not cause Putra Height explosion
SHAH ALAM; The Selangor State Assembly was informed today that the gas pipeline explosion in Putra Heights, Subang Jaya, on April 1 was not caused by excavation works, nor was it the trigger for the resulting blaze. Menteri Besar Datuk Seri Amirudin Shari said investigations by the police, Minerals and Geoscience Department, and the Department of Occupational Safety and Health (DOSH) confirmed that the groundworks did not impact the gas pipeline. "According to checks with the local authorities, the 4.2-metre monsoon drain construction and the residential development took place around 2008 to 2009, before the establishment of the One-Stop Centre in 2010," he said during a briefing on the Putra Heights incident at the Selangor state assembly today. Amirudin also refuted allegations that the developer had carried out unauthorised construction near the Petronas Gas Berhad (PGB) reserve. He clarified that the company had complied with Petronas' safety conditions and obtained formal approval to proceed with works on March 20, 2025. He also denied claims that the Subang Jaya City Council (MBSJ) had failed to meet the necessary criteria when approving the planning permission for works within the Petronas buffer zone, explaining that while PGB's buffer zone requirement is 60 feet, the approved buffer zone at the Putra Heights site was 66 feet. Earlier, DOSH Petroleum Safety Division director, Husdin Che Amat, was reported as saying that the incident was caused by weak soil conditions beneath the pipeline. He said that while the pipeline met all technical specifications, the investigation revealed that the ground beneath it was weak and failed to provide proper support, leaving a segment of the pipe resting over soft, wet soil. On a separate development, Amirudin said the reconstruction and repair works for the affected homes are ahead of schedule. He said that based on assessments by the Economic Planning Unit, three homes in Taman Putra Harmoni will be rebuilt, while 46 will undergo repairs, and another 46 units are still undergoing final structural inspections. He added that in Kampung Kuala Sungai Baru, of the 17 homes affected, 11 will be rebuilt and six repaired. He said that as of now, homeowners in Taman Putra Harmoni have submitted repair claims amounting to RM458,440.50, while residents of Kampung Kuala Sungai Baru have filed claims for RM884,934. He reminded residents that they have until Oct 27 to submit all required documents, with MBSJ, which is acting as facilitator. "Following the assessment, the state government will propose to the Ministry of Housing and Local Government to raise the ceiling for repair costs from RM30,000 to RM60,000 to account for roofing tiles and replacement of fittings such as water tanks," he concluded. – BERNAMA
