Bursa Malaysia has filed an Originating Summons in High Court against Serba Dinamik according to the Capital Market Act, for the company to make an immediate public announcement of the Factual Findings Update on the Special Independent Review.
The court application arises after Serba Dinamik failed to comply with Bursa Securities’ directive requiring it to disclose the material findings of the Factual Findings Update, made by audit firm Ernst & Young Consulting, who was appointed by Serba Dinamik to carry out an independent review to assess the veracity and accuracy of the matters highlighted by the then statutory auditor, KPMG. (Serba replaced KPMG with E&Y)
Bursa says the court application is brought, in discharge of the role and responsibilities of the Securities in regulating the conduct and enforcing compliance with the continuing obligations of listed issuers pursuant to the Main Market Listing Requirements. It feels this is necessary for the purpose of upholding and upkeeping the integrity of the capital market, maintaining a level-playing field, advancing the ‘blue sky’ principle, and facilitating equal access to material information affecting a listed issuer.
The Exchange reminds 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.
Serba Dinamik shares has been suspended on the KLSE since October this year.
