[1] Encl (46) is an application by the 3rd Party, Ernst & Young ("E & Y" ), under s 10 of the Arbitration Act 2005 and/or the inherent jurisdiction of the Court for the following orders:

(i) that the third party proceedings commenced by the 4th Defendant, SJ Asset Management Sdn Bhd ("SJAM") be stayed; and

(ii) the matter be referred to arbitration;

[2] The grounds of this application are as follows:

(i) The third party proceedings relate to matters which are the subject of an arbitration agreement between SJAM and E & Y.

(ii) The arbitration agreement is not null and void, inoperative or incapable of being performed.

(iii) That SJAM has referred the matter to arbitration.

(iv) The third party proceedings ought to be stayed to avoid multiplicity of proceedings and conflicting decisions on the same matters by this Honourable Court and the Arbitral Tribunal.

The Salient Facts

[3] Prior to its being wound up on 14 October 2010, SJAM was a licensed investment fund manager wh