The issue of Serba Dinamik suing KPMG and Bursa Malaysia has not subsided, the civil engineering company has filed its third lawsuit against EY Consulting which was appointed in July to conduct a special independent review of the company's finances.
Serba Dinamik has filed an originating suit against EY in an effort to prevent the auditors from sharing any findings or opinions about the company.
Serba Dinamik has claimed that EY is not registered with the Audit Oversight Board which makes them not auditors "certified under the Main Market Listing Requirement" and applied for a court declaration on the matter.
He added that they were of the opinion that EY "had no independence" as an affiliate member acting as the auditor of Bursa Malaysia.
In addition, Serba Dinamik demanded restitution and damages from EY in the lawsuit as well as applied for an interim injunction to prevent EY from sharing their findings to any party pending the disposal of the suit.
The hearing for the application will be held on November 11 and case management for the suit has been set for November 17.
Previously, Serba Dinamik had filed a suit against KPMG and Bursa Malaysia on similar charges.
The All -Dynamic stock has suspended its trading since they decided not to comply with the Exchange’s directive seeking to disclose findings shared by EY during a meeting in October.
The counter last traded at 35 sen on October 22 with a market capitalization of RM1.3 million.
The Serba Dinamik share price has plummeted by 78.26% or RM1.26 since its audit issue began at the end of May.
