Kuala Lumpur, 23 October 2008
The High Court has ruled in favour of the Securities Commission (SC) and dismissed with costs Nasioncom Holdings Berhad’s application for a judicial review of the SC’s directive issued in 2007 for the company to rectify and re-issue its financial statements for the financial year ended 31 December 2005.
Nasioncom had in March 2007 filed a judicial review proceeding at the High Court of Kuala Lumpur, seeking a Court order to quash SC’s decision on the grounds of mala fide, irrationality and breach of natural justice.
In delivering her decision at the open Court, Justice Lau Bee Lan announced that after considering the submissions of both parties, the Court was not satisfied that Nasioncom had established any of the grounds of challenge. Justice Lau also indicated that her written grounds of judgement would soon follow.
Nasioncom is appealing to the Court of Appeal against the decision.
SECURITIES COMMISSION MALAYSIA
