Malaysian Indian businessman spared jail term
March 2nd, 2011 - 4:13 pm ICT by IANSKuala Lumpur, March 2 (IANS) The Kuala Lumpur High Court Wednesday dismissed an application by the government seeking prison-term for an Indian origin businessman for failing to comply with the provisions of the Bankruptcy Act.
Vinod Balachandra Sekhar was declared bankrupt by the court June 8, 2005. The government has accused him of leaving the country without settling his debts and without the permission of the Insolvency Department, The Star reported on its website. Sekhar hasn’t returned to the country yet.
Sekhar’s lawyer Joseph Mathews said: “The documents pertaining to his bankruptcy was never served on him. The documents showed that signatures on both orders were forged.”
Sekhar was declared bankrupt for failing to settle his debt to the credit company Orix Credit Malaysia Sdn Bhd and 11 other companies totalling RM12.376 million (about $4 million).
Sekhar, 43, is a philanthropist and was adjudged by Forbes Magazine in 2008 as the 18th richest Malaysian with assets worth $320 million.
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Tags: assets, bankruptcy act, debts, forbes magazine, hasn, indian businessman, indian origin, insolvency department, jail term, joseph mathews, kuala lumpur, lawyer, malaysia sdn bhd, philanthropist, prison term, provisions, sekhar, signatures