KUALA LUMPUR: The High Court here has rejected an application by oil and gas services provider Serba Dinamik Holdings Bhd for a stay of a ruling for the company to make a public announcement on the findings of audit firm Ernst & Young Consulting in its special independent review of the company.
Judicial commissioner Wan Muhammad Amin Wan Yahya said he found the public interest point, of potential harm to the public including investors and shareholders, to be an overriding factor for refusing the stay under the circumstances.
“I do not find that the special circumstances to warrant a stay has been made out,” he said and dismissed the application with costs of RM5,000.
The matter was confirmed by counsel Chris Leong, who held a watching brief for the Securities Commission Malaysia.
Last November, Bursa Malaysia had sought an order to compel Serba Dinamik to disclose the findings of the review dated Sept 30, 2021 after the company failed to comply with the stock exchange’s directive to make a public announcement on the review.