KUALA LUMPUR (Feb 7): Serba Dinamik Holdings Bhd has been ordered by the High Court to reveal the fact finding update (FFU) by Ernst & Young Consulting Sdn Bhd (E&Y Consulting), which has been appointed to conduct a special independent review (SIR) on the public-listed company.

This is an order that demands Serba Dinamik to make a public announcement of the FFU by EY Consulting following its SIR pursuant to paragraph 2.23(1) of the Main Market Listing Requirements (MMLR) within two market days from the date of this order. This means that Serba Dinamik will have to reveal the update by Wednesday (Feb 9)

In the decision by Judicial Commissioner, Wan Muhammad Amin Wan Yahya, the court said it is empowered to grant reliefs sought by Bursa Malaysia Securities Bhd, which had filed the application against Serba Dinamik 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 whether it is true, false or conclusive. The defendant (Serba Dinamik) is entitled to disagree with the information to be disclosed.

“Bursa Malaysia is entitled 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 the appropriate action under the MMLR for the purpose of monitoring and ensuring compliance of the MMLR,” Wan Amin said.

“In the circumstances, the court allows Enclosure 1 (the application by Bursa Malaysia [for Serba Dinamik]) to be compelled to reveal the FFU,” he said, adding that the court is also dismissing Serba Serba Dinamik's application to expunge parts of Bursa Malaysia 's affidavit which relate to the FFU.

The proceedings in chambers were conducted over video with no access to the media.

To recap, in late December last year, the Securities Commission (SC) charged Serba Dinamik and its officers, including controlling shareholder Datuk Dr Mohd Abdul Karim Abdullah (who is also the company’s managing director) for submitting a false statement to the local stock exchange.

The charges came after the SC conducted an investigation on Serba Dinamik. This came about after the oil & gas company’s former auditor KPMG raised red flags on its financial accounts for the 12-month period ended Dec 31, 2020.

https://www.theedgemarkets.com/article/serba-dinamik-ordered-reveal-fact-finding-update-ey-consulting