Middle and Far East : The Singapore High Court has frozen the assets of Indian entrepreneur Vikas Goel, under an ongoing legal dispute between his company, eSys Technologies, and disk-drive manufacturer giant Seagate Technology. According to court documents, the court approved last November a Mareva injunction application by Seagate Singapore to prohibit Mr Goel from disposing his assets in Singapore. The Mareva injunction is a court order that freezes assets so that a defendant cannot transfer his assets beyond the jurisdiction of a court until the outcome of a lawsuit is decided. Esys lawyers declained to comment. Seagate Singapore International Headquarters is suing eSys for more than EUR3.2 million ; in addition, Seagate and affiliates are suing Mr Goel, who is the personal guarantor for eSys’ debts, for about EUR46 million, according to documents filed three years ago. Seagate subsequently filed an additional claim of about EUR58 million for sales incentives previously given to eSys, after eSys admitted in court to ‘false POS’ (point of sale). Seagate’s lawyers also filed for an injunction against the Indian firm when it had emerged that a so-called ‘independent fact-finding committee’ appointed by eSys had sent letters to individual Seagate staff, which ‘had the effect of harassing and intimidating the employees’, according to affidavits filed by the Seagate employees. Some of the Seagate staff also received ‘legal notices’ from lawyers in Pakistan, Bangladesh and Sri Lanka on behalf of eSys, the documents showed. Beside this, Teledata, currently Esys parent company, has seen its short term loan rate lowered to A5 by ICRA, an Indian rating agency, which is the lowest short term rating existing. This is to reflect, according to rating agency, the fact that Teldata may have difficulties to reimburse banks. Teledata has failed to honour its Bank Guarantees worth EUR3.7 million and also unable to pay instalment of Term loan of EUR61.5 million, raised for acquisition of majority stake in Esys. We are still waiting for Esys representatives, owners or lawyers to answer our questions, which they currently seemingly prefer to decline… (source : Today Online Singapore).