Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
Under the Prevention of Money Laundering Act, "proceeds of crime" may include property of equivalent value where property directly derived from scheduled criminal activity is unavailable or untraceable. Accordingly, property acquired before the relevant crime period may be attached as equivalent-value property. The notes state that the statutory burden lies on the person claiming lawful acquisition to substantiate the source of attached property and loan repayments. Explanations concerning cash deposits, bank credits and transfers must establish both their source and utilisation. On these stated grounds, the provisional attachment was confirmed.
Under the Prevention of Money Laundering Act, "proceeds of crime" may include property of equivalent value where property directly derived from scheduled criminal activity is unavailable or untraceable. Accordingly, property acquired before the relevant crime period may be attached as equivalent-value property. The notes state that the statutory burden lies on the person claiming lawful acquisition to substantiate the source of attached property and loan repayments. Explanations concerning cash deposits, bank credits and transfers must establish both their source and utilisation. On these stated grounds, the provisional attachment was confirmed.
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