Bursa takes Serba Dinamik to court over findings

 

Stock exchange regulator says Serba Dinamik has to reveal findings to ensure ‘an orderly and fair market in the securities that are traded through its facilities’.

KUALA LUMPUR: Bursa Malaysia Securities Bhd has filed an originating summons in the High Court of Kuala Lumpur against Serba Dinamik Holdings Bhd.

The summons, under Section 360 of the Capital Markets and Services Act 2007, is “to order Serba Dinamik to make an immediate public announcement of the factual findings update on the special independent review as at Sept 30, 2021”.

“The court application arises from Serba Dinamik’s failure to comply with Bursa Securities’ directive dated Oct 22,” the stock exchange regulator said in a statement here today.

Bursa Malaysia’s directive requires Serba Dinamik to disclose the material findings of the factual findings update as at Sept 30, made by Ernst & Young Consulting, which was appointed by Serba Dinamik to carry out an independent review to assess the veracity and accuracy of matters highlighted by Serba Dinamik’s then statutory auditor, KPMG.

The court application was brought “in discharge of the role and responsibilities of Bursa Malaysia Securities in regulating the conduct and enforcing compliance with the continuing obligations of listed issuers pursuant to the Main Market Listing Requirements (MMLR),” it said.

“This is necessary for the purpose of upholding and upkeeping the integrity of the capital market, inter-alia, maintaining a level playing field, advancing the ‘blue sky’ principle and facilitating equal access to material information affecting a listed issuer,” it added.

The stock exchange regulator said “this was paramount to enable Bursa Securities, which is entrusted with its statutory duties, to ensure an orderly and fair market in the securities that are traded through its facilities and to take all appropriate action to secure compliance with its rules”.

Bursa Malaysia reiterated that “a listed issuer must make immediate public disclosure of any material information under the MMLR and the factual findings update is material information in accordance with the MMLR”.

“All investors must be well informed of and given equal access to material information in order to be able to trade on equal footing.”- FMT