KUALA LUMPUR (Nov 8): Being the frontline regulator of the capital market, Bursa Malaysia Securities is entitled to exercise its power pursuant to the listing requirements in the interest of maintaining an orderly and fair market, said the stock exchange in response to the legal action taken by Serba Dinamik Holdings Bhd. The regulator subsequently issued an ultimatum to Serba Dinamik to reveal the findings from the SIR on Oct 26 but was met with a denial. Serba Dinamik insisted in its bourse filing dated Oct 25 that its directors had not been given a "factual findings update" by independent auditor Ernst & Young (EY). To recap, the audit saga started in mid-May when KPMG highlighted discrepancies involving transactions to the tune of RM4.54 billion to the company's independent directors. Read also:Serba Dinamik sues Bursa for acting 'in excess of power'

Source: The Edge Markets November 09, 2021 03:03 UTC