Saturday 12 May 2012

Federal Court makes final decision in the SC's favour

Kuala Lumpur, 8 May 2012
Federal Court makes final decision in the SC's favour
Ramesh Chelliah ordered to pay costs of RM10,000
The Federal Court today dismissed Ramesh Chelliah's application for leave to challenge the Court of Appeal's decision on the Audit Oversight Board (AOB)'s registration of PricewaterhouseCoopers (PwC) on 1 April 2010 under the Securities Commission Act 1993. He was also ordered to pay costs of RM10,000 to the Securities Commission Malaysia (SC). The decision of the Federal Court today concludes the case.

In May 2011, the High Court had dismissed an application by Ramesh for leave to commence judicial review proceedings against the AOB's decision to register PwC. The High Court agreed with the SC that there were flaws in the application and that the applicant did not have the locus standi to commence judicial review proceedings. The High Court also ordered the applicant to pay costs to the SC.

The Court of Appeal, on 6 October 2011, upheld the High Court's decision and ruled in favour of the SC. Ramesh subsequently appealed.

Today's Federal Court's dismissal of the appeal application officially concludes the case.

The Federal Court panel was made up of Tan Sri Md Raus bin Sharif, Tan Sri Abdul Hamid bin Embong, Dato' Hasan bin Lah, Datin Paduka Zaleha bt Zahari and Datuk Seri Paglima Sulong bin Matjeraie.

The AOB was established in 2010, under the Securities Commission Act 1993, to protect investor interests and promote confidence in the quality and reliability of audited financial statements of public interest entities (PIEs) and licensed institutions.


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