It all started when Bursa gallanty announce that they are going to make EY conduct an independent review on Serba Dinamik.Well, it is indeed normal for the gatekeeper of the Malaysia Stock Exchange to conduct verification of companies on their board. But such actions need to conducted with the highest level of professionalism.

What I have seen so far has been a clear mockery of that? Let me us examine one by one, the weirdest things that is happening in this unnecessary witch hunt.

1. EY or EY consulting?

When Bursa first announced that they are going to hire someone to conduct an independent review, it was assumed that it was Ernst and Young (the top 4 accounting firm). Unfortunately, only recently even Bursa are singing the tune that they assigned EY Consulting to conduct the findings.

Everything seems fine until you notice, shouldn't Bursa examine the red flag brought forward by KPMG if it was true? and shouldn't that company conducting the independent review be from an esteemed accounting or forensic auditing background? The fact that they hired EY Consulting to conduct an independent review on almost everything under the sky seems like a desperate act of shooting in the dark from Bursa.

In this regards I would say Serba was correct. So Serba 1- Bursa 0

2. Independent review- Is it really independent?

At the end of the day Bursa Malaysia Sdn Bhd is also a company who have their own self interest. In this particular regards, any action taken against any public listed companies should be conducted by a third party that has no interest within both entities. Here is where Bursa failed again to adhere to a higher standard when they hired EY Consulting is also working for them. Is it extremely hard for EY Consulting to not sing in the tune of their paymaster. This is not me saying whatever EY Consulting reporting on Serba Dinamik is wrong. But it brings a question of professionalism.

So yeah, Serba was right again in pointing that out. So Serba 2- Bursa 0

3. Malaysia Institute of Corperate Governance and The Edge.

Here enters the third party that keeps on either citing documents or full onslaught supporting Bursa. It is also important to point out that among the frequent favourite editor to write on Serba Dinamik is Jose Barrock and his sister Leela Barrock sits on the board of Malaysia Institute of Corperate Governance. One should ask MICG to either declare the conflict upfront that Leela sits out of any meeting or statements made by MICG revolving companies that her brother passionately writes about.

Unless there is an open statement from MICG in regards to such acts, I would call their support for Bursa legitimate. Seriously it reeks of unprofessionalism.So Serba 3-Bursa 0

Obviously every single marketwatchers are anticipating the outcome of Serba Dinamik and Bursa. No one is saying that Serba definitely is in the right. But what must be made to understand here is that Bursa should keep to a higher level of professionalism especially when you are seen as the police of the Malaysian stock markets. Their action today against Serba reflects how they might act against other companies that we put our money in as well and most importantly, it effects the overall market confidence.

Bursa please be professional!!!!