Latest news with #AlphaCapital(M)Bhd
New Straits Times
2 days ago
- Business
- New Straits Times
Investment firm directors jailed 20 days for failing to comply with Mareva injunction
KUALA LUMPUR: The High Court today jailed two directors of an investment firm 20 days each after finding them guilty of contempt of court for failing to comply with a Mareva injunction. Judicial Commissioner Yusrin Faidz Yusoff sentenced Syed Mahadzir Fadaak Syed Jamil Fadaak and his wife, Erna Elliyana Rosli, for not complying with the injunctions issued on Sept 5 and Nov 22 last year. A Mareva injunction is an order to freeze assets and prevent the transfer of assets before a judgment is enforced. The couple apologised to the court for failing to comply with the Mareva injunction. "We had no intention of insulting the court. We did not understand what was demanded of us," said Syed Mahadzir. He said there was an ongoing audit and they only obtained a draft report as they were unable to pay the audit firm after their bank accounts were frozen. The Mareva injunction was issued amid a civil suit on breach of contract. It came after the couple's firm, Alpha Capital (M) Bhd, failed to pay monthly dividend returns to 64 investors. The 64 investors sued Alpha Capital for breach of contract involving RM19,831.440.50 of monthly dividend returns. Yusrin suspended the jail term for two months to give the couple time to fully comply with the Mareva injunction issued in September last year. The judge fined the couple RM10,000 each, which must be settled within seven days, in default seven days' jail. In his ruling, Yusrin said he was not persuaded that the couple should only be fined, given the circumstances of the case. "The great concealment of the material information, the failure to comply over an extended period and the strategic nature of the non-disclosure demands a stern response," he said. Lawyers Sachpreetraj Singh and Simran Kaur acted for the 64 investors, while Ganesh Magenthiran appeared for the couple.
The Sun
2 days ago
- 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
2 days ago
- 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
2 days ago
- 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
