Serba Dinamik told to disclose findings by E&Y Consulting

by S BIRRUNTHA / pic by TMR FILE

SERBA Dinamik Holdings Bhd has been ordered by the High Court yesterday to make an immediate public announcement of the fact finding update (FFU) by Ernst & Young Consulting Sdn Bhd (E&Y Consulting).

E&Y Consulting was appointed to conduct a special independent review (SIR) on the public-listed company previously.

According to a statement by Bursa Malaysia, the order 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 needs to reveal the update by Wednesday (Feb 9).

Additionally, Bursa Malaysia stated that the High Court has also struck out Serba Dinamik’s application to expunge the findings from FFU from the records.

“Bursa Securities wishes to reiterate that listed issuers must make immediate public disclosure of any material information under the Listing Requirements to ensure all investors are well informed of and are given equal access to material information in order to be able to trade on equal footing.

“Bursa Securities will continue to discharge its statutory duties to uphold and maintain an orderly and fair market,” it added.

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

The charges came in after the oil and gas (O&G) giant was embroiled in an auditing dispute with KPMG, after its auditor highlighted discrepancies involving transactions to the tune of RM4.54 billion to the company’s independent directors.

The issues raised were based on the financial accounts for the financial year ended Dec 31, 2020.