High Court sets Oct 26 to decide on Deloitte’s judicial review against Securities Commission

Justice Datuk Mariana Yahya fixed the date after counsel Datuk Malik Imtiaz Sarwar (pic), representing Deloitte, told the court that both parties would rely on written submissions without need for oral argument in open court proceeding. ― Picture by Shafwan Zaidon
Justice Datuk Mariana Yahya fixed the date after counsel Datuk Malik Imtiaz Sarwar (pic), representing Deloitte, told the court that both parties would rely on written submissions without need for oral argument in open court proceeding. ― Picture by Shafwan Zaidon

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KUALA LUMPUR, Aug 27 ― The High Court here today fixed October 26 for decision on a judicial review application by Deloitte PLT to challenge the ruling by the Securities Commission of Malaysia (SC) to dismiss its application for a review of the RM2.2 million fine imposed on the auditing firm.

Justice Datuk Mariana Yahya fixed the date after counsel Datuk Malik Imtiaz Sarwar, representing Deloitte, told the court that both parties would rely on written submissions without need for oral argument in open court proceedings.

Lead counsel for SC, N. Nahendran did not object to the matter.

The judge then told both parties if they have something to add on to their submissions they can do so at least two weeks before decision.

It was reported earlier that the SC fined Deloitte a total of RM2.2 million for four breaches linked to the RM2.4 bilion bond (sukuk) issued by Bandar Malaysia Sdn Bhd (BMSB), a 1Malaysia Development Berhad (1MDB) subsidiary in 2014.

Deloitte was the statutory auditor for BMSB and 1MDB Real Estate Sdn Bhd (1MDB RE), now known as TRX City Sdn Bhd, for their financial years ended March 31, 2015 to 2016.

On November 14, 2019, Deloitte filed for a judicial review against the SC's decision to dismiss its application to review the administrative sanctions and retained the sanctions imposed.

On November 25, 2019, Justice  Mariana granted leave to Deloitte to proceed with its judicial review application.

In its application, the auditing firm is seeking  to overturn the SC's review decision on August 19, 2019, which maintained the RM2.2 million fine against Deloitte that it imposed on January 30, 2019.

Deloitte is also seeking for a certiorari order to quash the SC's review decision to impose the fine, besides seeking for the return of the RM2.2 million it paid as a fine to SC in the event that the court rules in favour of its judicial review application, costs and any further order deemed fit and appropriate by the court. ― Bernama

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