This follows a High Court ruling that dismissed their application for a revision of a sessions court decision last month, which barred them from intervening in forfeiture proceedings.

Justice K Muniandy said the investors should file an appeal instead.

“The sessions court had properly considered the applicants’ submissions before delivering its decision,” he said.

The court ruled that the proposed interveners were not bona fide parties and had not proven their legal ownership over the assets.

A revision is a faster process used to correct errors or prevent injustice by a lower court.

The investors’ predicament began in 2012 when Bank Negara Malaysia raided several premises of Genneva Malaysia Sdn Bhd and seized the cash and gold for violating the Banking and Financial Institutions Act, which prohibits the receiving, taking or accepting of deposits without a licence.

Several individuals linked to the company were charged and convicted, leading to the prosecution in 2020 applying under Section 407 of the Criminal Procedure Code to hand over the assets to the government.

Navinderan Subramaniam and Rishyan Raaj Gopal appeared for the applicants, while deputy public prosecutor Norzilati Izahni Zainal represented the government.

Navinderan said he had filed an appeal, as directed by the High Court.

Meanwhile, the sessions court is scheduled to deliver its decision on the government’s forfeiture application tomorrow.