KUALA LUMPUR: The High Court here rejected Serba Dinamik Holdings’s (Serba Dinamik) application for an injunction against Ernst & Young Consulting (EY Consulting) to prohibit it from sharing any findings of its special independent review (SIR) on the company to any parties.
Judge Ahmad Fairuz Zainol Abidin 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.
He said all that was stated in the opening paragraph of the letter was that EY Consulting was appointed to carry out the special independent review.
“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 Serba Dinamik 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 (SC).
On Nov 5 last year, Serba Dinamik filed an originating summons against EY Consulting, seeking relief and a declaration that the company was not an “auditor” within the definition of the MMLR.
It also sought a declaration that EY Consulting had misrepresented to Serba Dinamik that it could be appointed pursuant to paragraphs 2.23 and 2.24 of the MMLR. - FMT
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