Firepower chief Tim Johnston has reportedly been served with an injunction ordering him to stay in Australia for questioning over the $100 million collapse of his fuel technology company.
Reports published this afternoon say Mr Johnston was served with the injunction while at a Gold Coast mansion that is owned by his wife.
The Australian Securities and Investments Commission confirmed it had made an urgent application to the Federal Court yesterday and was reportedly alerting airports around the country last night about Mr Johnston's ban from leaving the country.
Mr Johnston must hand his passport in to the Court registry in either Brisbane or Perth by midday tomorrow.
It has also been reported that liquidators of Fuelpower have obtained an order for Mr Johnston to front the Federal Court in Perth later this month to face a public examination.
Firepower purported to have developed a 'pill' that reduced the fuel consumption and environmental impact of petrol-operated vehicles and is estimated to have burned around $100 million of investors' funds.
The company became one of Australia's most prolific sponsors of sporting teams, with members of the rugby fraternity among those to have suffered financial losses.
Investors were expecting the value of their Firepower stakes to rocket once the company listed on the London Stock Exchange, but started to worry when the proposed listing date in 2006 was continually pushed back - and ultimately never took place.
