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Legal clamp on elusive Firepower boss Tim Johnston
ELUSIVE Firepower boss Tim Johnston has been ordered to stay in Australia for questioning over the $100 million collapse of his fuel technology company.
He has been served with an injunction that keeps him in the country to face questions from the Australian Securities and Investments Commission, which has been investigating the company.
The papers were served on Mr Johnston today at the sprawling Gold Coast mansion owned by his wife after he slipped into the country earlier this week.
Liquidators have also obtained an order today that Mr Johnston must appear in the Federal Court in Perth on November 26 to face a public examination into the failure of Firepower.
When alerted that Mr Johnston had flown into Brisbane from Indonesia via Singapore, ASIC yesterday made an the urgent application to the Federal Court to force him to stay in the country.
They also had a ``port watch'' put on on all airports and ports in case he tried to get away.
Mr Johnston faces jail if he tries to leave the country after being served with a copy of Justice
Tony Siopis's order .
Mr Johnston must now hand his passport in to the Federal Court registry in either Brisbane or Perth by noon Friday.
When the application was made ASIC claimed there was a risk he would leave Australia immediately if he heard about the injunction.
It has been reported he was expected to leave for Indonesia tomorrow.
Mr Johnston fled Australia in March last year and has reportedly been living in London and Bali.
His daughters, Emily and Madeline, have been living in Perth and holidaying with their father overseas and it is understood Mr Johnston hoped to have been with his daughters for Madeline's 21st birthday party.
More than 1000 shareholders sank $100 million into Mr Johnston's failed company that claimed to have invented a fuel additive that would cut fuel use and reduce vehicle emissions.
Millions of dollars were raised by selling Firepower shares on the false premise that the company would deliver big returns when it listed on a London stock exchange.
Mr Johnston has been living the high life around the world, refusing to return to Australia to answer questions from investors and the Australian Securities and Investments Commission.
http://www.news.com.au/perthnow/stor...017962,00.html
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