KUALA LUMPUR (Dec 9): The High Court has dismissed Serba Dinamik Holdings Bhd’s application to recuse the presiding judge in the company's lawsuit against Bursa Malaysia Securities Bhd.

The company had sought to recuse Justice Datuk Ahmad Fairuz Zainol Abidin on the grounds that he served in the Securities Commission Malaysia (SC) in the past.

Delivering his decision via Zoom on Thursday (Dec 9), Justice Ahmad Fairuz said there was no real danger of bias shown, apart from the suggestion that he may be impartial and favour Bursa and the SC.

"To me, it is pure conjecture and a poor attempt to justify the application,” he said.

"Past associations including mere past history of employment are never sufficient as valid grounds to premise an objection of real danger of bias by the judge, more so when there is no clear nexus between the judge and the circumstances surrounding the issue at hand,” he added.

Justice Ahmad Fairuz ordered Serba Dinamik to pay costs of RM20,000 to Bursa, and set Jan 17 to hear the company’s interim injunction application to block the release of the factual findings update on its financials by special independent reviewer E&Y Consulting Sdn Bhd.

In its suit against Bursa filed in November, Serba Dinamik sought to nullify the appointment of E&Y Consulting under Bursa’s directive to conduct the special independent review.

The oil and gas engineering services company also sought interim injunctive relief against Bursa to restrain the stock exchange from releasing the update pending the disposal of the suit.

Serba Dinamik has been under regulatory and public scrutiny amid several issues raised by its then external auditor KPMG involving its accounts for the 12-month period ended Dec 31, 2020.

The company, which has missed the Dec 8 deadline to release its annual report, is also at risk of defaulting on a sukuk by the end of the grace period on Thursday (Dec 9) after missing a US$7 million (about RM29.52 million) coupon payment on Nov 9.

Shares in the company have been suspended from trading since Oct 22 after it dismissed Bursa’s directive to make public the factual findings update. The counter last traded at 35 sen, giving it a market capitalisation of RM1.3 billion.

https://www.theedgemarkets.com/article/serba-dinamik-fails-recuse-judge-lawsuit-against-bursa