By BERNAMA / Pic by TMR GRAPHIC

KUALA LUMPUR — The High Court here rejected Serba Dinamik Holdings Bhd’s (SDHB) application for an injunction against Ernst & Young Consulting Sdn Bhd (EY Consulting) to prohibit it from sharing any findings of its special independent review (SIR) on the company to any parties. 

Judge Datuk Ahmad Fairuz Zainol Abidin, in his decision, said  EY Consulting did not misrepresent itself to the oil and gas service provider in its letter of engagement as the firm did not in any manner claim to be an auditor.

The judge said all that was stated in the opening paragraph of the letter was that EY Consulting was appointed to carry out the SIR.

“The appointment of EY Consulting  was regularly made under paragraphs 2.23 and 2.24 of the Main Market Listing Requirements (MMLR),” he said and ordered SDHB to pay RM20,000 in costs to EY Consulting.

The matter was confirmed by counsel Christopher Leong, who held a watching brief for the Securities Commission Malaysia (SC).

On Nov 5, 2021, SDHB filed an originating summons against EY Consulting, seeking relief and a declaration that the company was not an ‘auditor’ within the definition of MMLR, as well as a declaration that EY Consulting had misrepresented to SDHB that it could be appointed pursuant to paragraphs 2.23 and 2.24 of the MMLR.