Court orders Serba Dinamik to disclose review findings

KUALA LUMPUR: The High Court here today ordered Serba Dinamik Holdings Bhd to make a public announcement on the Factual Findings Update (FFU) by Ernst & Young Consulting Sdn Bhd (E&Y Consulting), appointed to conduct a special independent review (SIR) on the company.

Judicial Commissioner (JC) Wan Muhammad Amin Wan Yahya ordered the oil and gas engineering company to disclose the said FFU within two market days from the date of this order.

In his decision, the JC said the court was empowered to grant reliefs sought by Bursa Malaysia Securities Bhd, which had filed the application against Serba Dinamik (defendant) under Section 360 of the Capital Market and Services Act 2007 (CMSA).

"The information sought to be announced (in the FFU) is material and does not depend on whether it is true, false or conclusive. The defendant is entitled to disagree with the information to be disclosed.

"Bursa Malaysia is entitled and empowered under Section 11 of CMSA to give the directive in order to uphold and maintain a fair and orderly securities market to safeguard the public and investors' interests, as well as take appropriate action under the Main Market Listing Requirements (MMLR) for the purpose of monitoring and ensuring compliance with the (MMLR).

"In the circumstances, the court allows Enclosure 1 (the application by Bursa Malaysia against Serba Dinamik) to be compelled to reveal the FFU,” he said.

During today’s online proceeding, the court also dismissed Serba Dinamik's application to expunge parts of Bursa Malaysia's affidavit relating to the FFU.

The matter was confirmed by counsel Chris Leong, who held a watching brief for the Securities Commission Malaysia (SC).

Last November, Bursa Malaysia filed an originating summons to compel Serba Dinamik to disclose the FFU of the SIR dated Sept 30, 2021 conducted by EY Consulting.

The legal action was taken due to Serba Dinamik's failure to comply with the stock exchange's directive on Oct 22, last year for the disclosure. - Bernama