KUALA LUMPUR – The high court today dismissed Serba Dinamik Holdings Bhd’s (SDHB) application to include Bursa Malaysia and the Securities Commission Malaysia (SC) as parties in its suit filed against audit firm Ernst & Young Consulting Sdn Bhd (E&Y).
The decision was made by judge Datuk Ahmad Fairuz Zainol Abidin via online proceedings.
He also fixed February 16 to hear SDHB’s interim injunction to prevent E&Y from releasing the Factual Findings Update about the company.
Counsel Christopher Leong, who held a watching brief for the SC, confirmed the matter when contacted by the media.
On December 6 last year, SDHB, an oil and gas engineering company, filed the application to include Bursa and SC as a joiner in its originating summons (OS) on the grounds that the presence of the SC and Bursa is required before this court to determine the meaning of the word “auditor”.
SDHB said it appears from the written submissions filed by the defendant (E&Y) in respect of the OS that the term “auditor” is not required to mean a person registered with the Audit Oversight Board which is under the control of the SC and the term “auditor” is defined in Chapter 1 of the Main Market Listing Requirements (MMLR), a set of rules set out by Bursa and approved by the SC.
On November 5 last year, SDHB filed the suit seeking reliefs and a declaration that E&Y was not an “auditor” within the definition of the MMLR as well as a declaration that E&Y had misrepresented to SDHB that they could be appointed pursuant to paragraphs 2.23 and 2.24 of the MMLR.
SDHB is also seeking an order that E&Y, whether by its servants, agents and/or representatives, be restrained from releasing, revealing, divulging and/or disseminating any findings, report, memorandum, opinion about SDHB and its group of companies, whether in whole or in part, to anyone, in any format, whether in print, electronically, or via any media or forum. – Bernama, February 8, 2022
