Court lifts ex-1MDB auditor's injunction on MIA disciplinary findings

The Kuala Lumpur High Court today ruled that the disciplinary findings of Malaysian Institute of Accountants (MIA) against the auditor who signed off 1MDB's 2014 accounts should be confidential.

This until the auditor concerned, Ng Yee Hong, 43, disposed of his appeal proceedings against the MIA.

Justice Nordin Hassan felt there is no need for the court to continue to grant the injunction with a similar purpose (confidentiality).

The court then lifted the ex parte injunction which issued on Sept 5 to Ng to prevent the MIA from publicly announcing its disciplinary findings against him.

"This is my decision [...] I am not allowing the second paragraph which is the injunction [...] there is no extra cost (incurred)," ruled Nordin in chambers after hearing submission of both parties.

Ng was represented by Malik Imtiaz Sarwar and Chan Wei June while Shaikh Abdul Saleem appeared for MIA.

Ng's injunction aimed to prevent the MIA from announcing the findings until he disposes of his appeal against the MIA disciplinary board's decision in the event it is unfavourable to him.

In his originating summons, Ng said the disciplinary board had concluded investigations on July 17 and was supposed to have announced the findings at 3.30 pm on Sept 5.

Ng said a public announcement of an unfavourable decision would "would effectively render my right to appeal, and any appeal I lodge, nugatory".

In 2014 Ng was with Deloitte Touche Tohmatsu Ltd, commonly referred to as Deloitte, which was among several top international accounting firms appointed by 1MDB at one point or another.

In 2017, Deloitte had disavowed its own 2013 and 2014 audits of 1MDB.

Earlier this year, Deloitte became the first accounting firm to be sanctioned. It was fined RM2.2 million by the Securities Commission for failing to report irregularities involving an RM2.4 billion bond issued by 1MDB.

The MIA is a statutory body that regulates the accounting profession under the Accountants Act 1967, among others. - Mkini