KUALA LUMPUR: The seizure order issued on InventQjaya Sdn Bhd in February has been lifted.
S.N. Nair, InventQjaya chief executive officer Dr Sadeg Mustafa Faris' counsel, said the seizure order had been lifted in a revocation order dated Dec 27 and signed by the Federal Commercial Crime Department's money laundering unit head Deputy Supt S. Suresh Kumar.
The revocation order stated that the company's business had been handed over to its directors and executive officers, and PriceWaterhouseCoopers would cease to supervise, direct and control the business.
The company secretary, M&C Services Sdn Bhd, informed our client, who is in New York, the following day (Dec 28), Nair told reporters at his office here yesterday.
The move, he added, was a positive indication that Dr Sadeg had been vindicated of all allegations and innuendos by various quarters.
The company is back in Dr Sadegs control. We feel that he, his employees and the company have suffered tremendous damage. We will assess the damages caused as a result of the police action, he said.
In February, police seized the company by an order under Subsection 52 (1) of the Anti-Money Laundering Act 2001. PriceWaterhouseCoopers was appointed administrators of the company.
This came in the wake of questions raised in relation to RM50mil belonging to the company.
Nair said that he had been given power of attorney to attend meetings on behalf of Dr Sadeg during the interim period from the date of the revocation order until his return.
Asked why the seizure order had been lifted, he said: No explanation was given to the company secretary. We are waiting for the report from the police and we will take it from there.
His client, he added, would not withdraw an application for a judicial review on police action to seize the company by invoking the Act.
The hearing of the application, filed in April, is on Feb 14.
InventQjaya is a RM100mil joint research and development initiative between the Malaysian Government and New York-based Reveo Inc, founded by Dr Sadeg, a Libyan who studied in the United States.