Jan 30, 2007

InventQJaya stay application rejected

PUTRAJAYA: The Federal Government can now proceed to wind-up technology firm InventQjaya Sdn Bhd.

This follows the Court of Appeal’s decision yesterday to reject the company’s application for a stay of execution of the High Court’s judgment last month to wind it up.

Court of Appeal judges Justices Zaleha Zahari, Zulkefli Ahmad Makinudin and Hasan Lah unanimously struck out InventQjaya’s application after allowing a preliminary objection by Senior Federal Counsel Pretam Singh.

The judges held that InventQjaya’s chief executive officer Dr Sadeg Mustafa Faris does not have locus standi to represent the firm.

On Dec 12 last year, High Court judge Justice Abdul Wahab Said Ahmad granted a petition to wind up InventQjaya as it owed the Government RM242mil.

InventQjaya was said to have failed to repay RM242,153,424.65, which it borrowed from the Government via an agreement dated June 18, 2003.

The firm was asked to return the sum after it had breached the terms of the agreement

The court had also appointed the Official Assignee as the provisional liquidator to run the company.

Earlier yesterday, Pretam Singh raised a preliminary objection to InventQjaya’s stay application saying that although Dr Sadeg had stated in his affidavit-in-support that he was the CEO, director and majority shareholder of the firm, a check with the Companies Commission of Malaysia showed otherwise.

He said Dr Sadeg held only one share in InventQjaya while 4,999,999 shares belonged to Reveo Incorporated in the United States.

“Therefore the affidavit was sworn by a very minute shareholder of InventQjaya and not the majority shareholder,” he said.

Pretam Singh also said Reveo Incorporated was a separate entity from Dr Sadeg and InventQjaya.

“The fact that Dr Sadeg signed both documents – the affidavit-in-support on Jan 3 and the application for judicial review – in Bangkok shows he has fled the country and is not interested to come back to lead InventQjaya,” he said.

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