KUALA LUMPUR: The High Court here yesterday rejected Serba Dinamik Holdings Bhd’s application for a stay of the court’s ruling for the company to make a public announcement on the Factual Findings Update (FFU) by audit firm Ernst & Young Consulting Sdn Bhd (E&Y), appointed to conduct a special independent review (SIR) on the oil and gas services provider.
Judicial Commissioner Wan Muhammad Amin Wan Yahya said he found the public interest point which raised potential harm to the public including investors and shareholders, to be an overriding factor for refusing the stay under the circumstances.
“I do not find that the special circumstances to warrant a stay has been made out. As such, I dismiss the application with costs of RM5,000,” said Wan Muhammad Amin.
He made the ruling after hearing submissions by Serba Dinamik’s counsel, Mak Lin Kum, and the plaintiff’s (Bursa Malaysia Securities Bhd) counsel, Datuk Loh Siew Cheang and Kelvin Seet.
The matter was confirmed by counsel Chris Leong, who held a watching brief for the Securities Commission Malaysia.
Last November, Bursa filed an originating summons to compel Serba Dinamik to disclose the FFU of the SIR dated Sept 30, 2021 conducted by E&Y.
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.
On Feb 7, Wan Muhammad Amin, who ordered Serba Dinamik, to make a public announcement on the FFU, directed the oil and gas engineering company to disclose the FFU within two market days from the date of the order.
In his decision, the judicial commissioner said the court was empowered to grant reliefs sought by Bursa, 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) was 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 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 against Serba Dinamik) to be compelled to reveal the FFU,” said the judicial commissioner.
Following that, Serba Dinamik applied for a stay of the court’s ruling. – Bernama
