The plaintiffs’ lawyer, Rajesh Nagarajan, said judicial commissioner Yusrin Faidz Yusoff granted the order yesterday following an application on behalf of his 64 clients, who have sued AlphaCapital for breach of contract for a collective claim of RM19,831,440.50.

The court ordered that RM19,831,440.50 of AlphaCapital’s funds held in four bank accounts be frozen.

The injunction also applies to funds, credit balances or loans of the same amount in any financial institution under AlphaCapital’s name, as well as all assets and shares currently issued by the company.

The court said AlphaCapital must provide detailed information about any of its other bank accounts, assets, or funds within 48 hours of receiving the order.

AlphaCapital is also required to provide the 64 plaintiffs with supporting documents to show how it utilised the funds it was given to invest.

The ex parte injunction is effective for 21 days until Sept 24, during which the court will decide whether the Mareva injunction will be extended until the resolution of the case or lifted.

A Mareva injunction is a temporary order which restrains a defendant from disposing of assets pending the disposal of a civil suit.