AlphaCapital directors found guilty of contempt
(Form left) Lawyers Rajesh Nagarajan and Simran Kaur as well as Sachpreetraj Singh (fourth from right) with their clients outside court. (Rajesh Nagarajan pic)
PETALING JAYA : Two directors of an investment firm have been found guilty by the High Court of contempt.
AlphaCapital (M) Berhad's Syed Mahadzir Fadaak Syed Jamil Fadaak and Erna Elliyana Rosli were convicted for contempt of court after the duo failed to comply with a Mareva injunction.
A Mareva injunction is a temporary order which restrains a defendant from disposing of assets pending the disposal of a civil suit.
Lawyer Sachpreetraj Singh, Rajesh Nagarajan and Simran Kaur represented 64 investors who sued AlphaCapital for breach of contract involving a collective sum of RM19,831,440.50.
Rajesh said Judicial Commissioner Yusrin Faidz Yusoff has set July 15 for sentencing.
'They will either be fined or imprisoned,' he told FMT.
The 64 had sued the company for breach of contract after it failed to pay monthly dividend returns.
According to Rajesh, following the suit, his clients discovered that the two directors had led a lavish lifestyle, and had within their possession luxury cars that were purchased despite the business purportedly having suffered losses.
In September last year, the High Court froze nearly RM20 million of AlphaCapital Berhad's assets and funds after granting an ex parte injunction against the private investment company.
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