KUALA LUMPUR: The High Court has set Nov 18 for a decision on a judicial review application by Deloitte PLT to challenge the Securities Commission of Malaysia’s (SC) ruling to dismiss its application for a review of the RM2.2 million fine imposed on the auditing firm.
Counsel Malik Imtiaz Sarwar, representing Deloitte, told Bernama of the new hearing date.
The matter was to have been decided by judge Mariana Yahya today, but it has since been vacated following the implementation of the conditional movement control order (CMCO) in Selangor, Putrajaya and Kuala Lumpur from Oct 14 until tomorrow.
The SC fined Deloitte a total of RM2.2 million for four breaches linked to the RM2.4 billion sukuk bond issued by Bandar Malaysia Sdn Bhd (BMSB), a 1MDB subsidiary, in 2014.
Deloitte was the statutory auditor for BMSB and 1MDB Real Estate Sdn Bhd, now known as TRX City Sdn Bhd, for their 2015 and 2016 financial years.
On Nov 14, 2019, Deloitte filed the judicial review application against the SC’s decision to dismiss its application to review the administrative sanctions.
On Nov 25, Mariana granted Deloitte leave to commence its judicial review application, seeking to overturn the SC’s review decision on Aug 19, 2019, which maintained the RM2.2 million fine against Deloitte imposed on Jan 30, 2019.
Deloitte is also seeking for a certiorari order to quash the SC’s review decision to impose the fine, besides seeking the return of the RM2.2 million it paid in the event the court rules in favour of its judicial review application, costs and any further order deemed fit and appropriate by the court.