OTHERS STATUS UPDATE ON THE SPECIAL INDEPENDENT REVIEWER

Company Name SERBA DINAMIK HOLDINGS BERHAD
Stock Name SERBADK
Date Announced 07 Jul 2022
Category General Announcement for PLC
Reference Number GA1-07072022-00044

Type Announcement
Subject OTHERS
Description
STATUS UPDATE ON THE SPECIAL INDEPENDENT REVIEWER

The Company refers to the announcements dated 14 June 2021, 2 July 2021 and 6 September 2021.

 

The Board of Directors of the Company wishes to inform that Ernst & Young Consulting Sdn Bhd (“EY Consulting”)’s solicitors had issued a letter dated 6.5.2022 where it was stated that the Letter of Engagement dated 2.7.2021 (“LoE”) was terminated with immediate effect. The Company reserves its rights via-a-vis the alleged termination. The Company had in the ongoing legal action between the Company and EY Consulting (as described in the Company’s announcement dated 10 November 2021) including the appeal therein contended that the LoE was void and of no effect whatsoever.

 

In light that EY Consulting has taken the position that the LoE is terminated and subject to the Company’s position that the LoE was void and of no effect whatsoever, the Company is making inquiries with the view of engaging an auditor within the meaning of Main Market Listing Requirement to carry out a special independent review (“SIR”).

 

The Board of Directors of the Company wishes to further inform that the Company is looking to finalise the appointment of a special auditor on or by around August 2022 and shall furnish the name of the new IR appointed in due course.   

 

The Company will make further announcement as and when there is material development.

 

This announcement is dated 7 July 2022.






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