August 27, 2020 1:03 PM
Audit firm Deloitte is seeking to quash the Securities Commission’s decision to fine it for breaching the Capital Markets and Services Act 2007. KUALA LUMPUR: The High Court here has fixed Oct 26 for a decision on the challenge by audit firm Deloitte against the Securities Commission of Malaysia’s decision to fine it RM2.2 million for breaching the Capital Markets and Services Act 2007 in the issue of bonds linked to a 1MDB unit.
The firm’s lawyer Malik Imtiaz Sarwar told High Court judge Mariana Yahya that they were relying on their written submissions in their judicial hearing, without oral submissions.Mariana then said she would need time to read through the submissions and fixed October to deliver her decision.The RM2.2 million fine was imposed last year over four breaches related to the RM2.4 billion Sukuk Murabahah Programme issued by Bandar Malaysia Sdn Bhd in 2014.
It also said it had paid the RM2.2 million fine last year but that this was done without prejudice to its right to commence judicial review.