‘Remember the Serba issue with EY is over. Tup-tup there again. '
Serba Dinamik Holdings Bhd has filed an appeal against the High Court's decision to dismiss the company's suit against Ernst & Young Consulting Sdn Bhd (EY Consulting) on the issue of misrepresentation.
The filing also states a Serba Dinamik application to prevent EY Consulting from sharing any findings or opinions on any special independent review of the company to Bursa Malaysia or other parties.
The appeal was filed after the originating suit and the Serba Dimanik injunction application were dismissed on March 8 by the High Court.
According to the company's filing to Bursa on April 5, the appeal has been set for case management on May 9, 2022 and any further announcements will be made in the future.
Going down the record, last November Serba Dinamik had declared that EY Consulting was not a qualified auditor and the auditing firm had misrepresented that it could be appointed to conduct a special review.
However, a decision by High Court Judge Datuk Ahmad Fairuz Zainol Abidin in March stated that EY Consulting did not misrepresent itself to Serba Dinamik based on the letter of agreement because the firm did not in any way claim to be an auditor.
On the other hand, EY Consulting has taken steps to ensure that the team performing the review is a certified auditor, namely Muhammad Shahrizal Abd Rahim, a partner in E&Y PLT.
Based on the statement, the judge ruled that the auditor must be a real person and the firm, E&Y PLT, only placed the auditors.
Later, a review of Syarizal found that he was authorized by the Minister of Finance and registered with the AOB (Audit Oversight Board).
Thus, the judge ruled that the appointment of EY Consulting was done properly in accordance with the Main Market Listing Requirements (MMLR) and any arguments by Serba Dinamik were quashed.
