If you are used to watching dramas, this kind of time usually all the secrets of the character will be revealed. Can I go to Serba Dinamik for a plot twist to avoid this situation?
The High Court has ordered Serba Dinamik to disclose factual updates (FFUs) made by Ernst & Young Consulting Sdn Bhd (EY Consulting) which they appointed to conduct special independent reviews (SIRs) on public listed companies.
According to paragraph 2.23 (1) of the Main Market Listing Requirements (MMLR), Serba Dinamik is required to make a public announcement on FFU within 2 days from the date of issue which is on 9 February (Wednesday).
The High Court, by decision of Judicial Commissioner Wan Muhammad Amin Wan Yahya, has authorized the decision sought by Bursa Malaysia Securities Bhd to file an application against Serba Dinamik under Section 360 of the Capital Markets and Services Act 2007 (CMSA).
According to him, Serba Dinamik needs to announce FFU about its audit and does not depend on whether it is true, false or conclusive, and Serba Dinamik reserves the right to disagree with the information to be disclosed.
Hujar Wan Muhammad Amin, EY Consulting is included in the term ‘special auditor’ and under paragraph 2.24, the function of a special auditor is to review and investigate the affairs of a listed issuer or any company or both.
He added that the issue of confidentiality is a private matter between Serba Dinamik and EY and cannot override Bursa Malaysia's right as a statutory body to disclose the findings.
In retrospect, Bursa had filed an initial suit last November against Serba Dinamik and forced them to disclose a special independent review FFU dated 30 September 2021 conducted by EY Consulting.
Later, legal action was taken for Serba Dinamik’s failure to comply with the disclosure directive and they sued EY Consulting in an effort to prevent them from sharing their findings or opinions about it.
As a result, Serba Dinamik has requested a declaration to EY Consulting that it has misrepresented that it can be appointed to conduct a review, following the Exchange’s instructions and its appointment is void or has no legal effect.
The lawsuit hearing between Serba Dinamik and EY Consulting will begin on February 8th.
Meanwhile, Serba Dinamik's lawyer, Mak Lin Kum applied for a stay of proceedings and document reaction but Bursa Malaysia's lawyer, Datuk Loh Siew Cheang objected to the application because it was a matter of public interest and it had already been decided by the court.
