Alternative Investments

EY Consulting stands by its actions

PETALING JAYA: Ernst & Young Consulting Sdn Bhd (EY Consulting) says it stands by its actions and disagrees with the position taken by Serba Dinamik Holdings Bhd.

“EY Consulting was appointed by the board of directors of Serba Dinamik to undertake a special independent review (SIR), under the directive of Bursa Malaysia. We disagree with the position taken by Serba Dinamik. We undertook our duties professionally and stand by all our actions to date,” said EY Consulting in a statement.

Oil and gas services firm Serba Dinamik had on Nov 5 filed an originating summons against EY Consulting, which was appointed in July to undertake a SIR, at the High Court of Kuala Lumpur.

Serba Dinamik is seeking an interim injunctive relief against EY Consulting to restrain the latter from revealing any “findings, report, memorandum and opinion” about the group to anyone.

In addition, it is seeking damages against EY Consulting.

The application for interim injunctive relief was fixed for hearing on Nov 11 and the case management for the originating summons was fixed on Nov 17.

“Apart from the potential damages to be assessed and costs which may be awarded against EY Consulting and the corresponding legal costs, the originating summons is not expected to have any other material financial impact on the company for the financial year ending June 30, 2022,” stated Serba Dinamik.

On Nov 3, the group had also filed an originating summons against Bursa Malaysia, just four months after it sued KPMG.

The originating summons filed by Serba Dinamik sought to restrain Bursa Malaysia from exercising any power against the company, pending the full disposal of the suit.

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