According to court documents sighted by The Edge, the finanical institutions that filed the action are AmBank Islamic Bhd, Standard Chartered Saadiq Bhd, HSBC Amanah Malaysia Bhd, MIDF Amanah Investment Bank Bhd, United Overseas Bank Malaysia Bhd and Bank Islam Malaysia Bhd.
The counter was last traded at 35 sen, giving it a market capitalisation of RM1.
But, early this month, the AGC decided to withdraw the charges following a letter of representation by the accused.
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These issues have been dismissed by the High Court in the two respective sets of civil proceedings.
The court documents said SDGB, SDSB and SDIL were named as the security parties under the syndicated term financing.
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If the auditors were to argue that the statutory duty was not waivable, then it would need to show that the need to flag out irregularities in a report immediately upon discovery if waived would frustrate the overall purpose of the statute and contradicts public policy.