KUALA LUMPUR: Lawyer Datuk K. Kumaraendran said an application to freeze the assets of an individual or company is made by a public prosecutor for the purpose of an investigation.
Kumaraendran said he believed the application to freeze the assets of the National Feedlot Corporation was likely made under the Anti-Money Laundering and Anti-Terrorism Financing Act 2001.
Such an application is made to prevent assets from being sold.
"This application is made when the authorities have reason to believe that an accused who allegedly committed a crime had acquired assets through unlawful acts."
Kumaraendran said the authorities had a year upon freezing such assets after which they could make a court application to forfeit moveable and immoveable property.
He said the aggrieved party could oppose such an application to get their assets back.
Other lawyers have said the freezing of assets would effectively mean that the corporation cannot do any sort of business.
Employees of such a company would likely be told to take an enforced leave of absence and such a corporation would not be able to pay their salaries.
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