In a massive blow to Serba Dinamik, the Kuala Lumpur High Court delivered its judgment with regard to the suit by Bursa Securities against the group and ordered it to make an immediate public announcement of the Factual Findings Update on the Special Independent Review within 2 market days from the order.
At the same time, the High Court also struck out Serba’s application to expunge the findings from Factual Findings Update from the records. This judgment will place the PN17 company in an awkward position as it will have to compile and have the findings ready in the next 48 hours.
Serba which had secured the service of a new auditor had just concluded its 2021 1H audit report showing RM185 million in losses, however, the report on the factual findings reported by its former auditor EY has yet to be revealed.
Bursa Securities calls on listed issuers to make immediate public disclosure of any material information under the Listing Requirements to ensure all investors are well informed of and are given equal access to material information in order to be able to trade on equal footing.
