The Court has dismissed the Originating Summons and dismissed Serba Dinamik’s application for injunction with costs against EY Consulting with regards to its appointment by Bursa Securities and its audit report.
In dismissing the OS, the Court said the issue of whether EYC can be appointed as Special Auditor by Bursa against the Serba where the High Court Judge presiding over the same case ruled that EYC was rightly appointed as the Special Auditor. And that EYC had taken steps to ensure the team performing the special independent review included a qualified auditor.
The court also stated EYC also had a qualified auditor in its team and in the circumstances, there is no room for Serba to argue that it was not qualified to be a special auditor.
It finally concluded, that there was no misrepresentation by EYC and it follows that the Letter of Engagement between the auditor and the Company is valid.
Serba has said that it is in the midst of seeking legal advice to appeal against the said decision.
