SC Charges Serba Dinamik, its Director and Officers for False Information in its Financial Statement

- Warrant of Arrest Obtained against CEO/MD Dato’ Mohd Karim Abdullah

28 December 2021 |  Kuala Lumpur 

The Securities Commission Malaysia (SC) today charged Serba Dinamik Holdings Berhad (Serba Dinamik), its director and officers for submitting a false statement to Bursa Malaysia Securities Berhad, an offence under section 369(a)(B) of the Capital Markets and Services Act 2007 (CMSA).

The SC has also secured a warrant of arrest against the company’s Chief Executive Officer/Group Managing Director Dato’ Dr. Ir. Ts. Mohd Abdul Karim Abdullah, who is currently at large.

According to the SC’s charges filed at the Kuala Lumpur Sessions Court, the false statement is in relation to the revenue figure of RM6.014 billion contained in Serba Dinamik’s Quarterly Report on Consolidated Results for the Quarter and Year ended 31 December 2020.

The individuals charged today are the company’s Executive Director Datuk Syed Nazim Syed Faisal, Group Chief Financial Officer Azhan Azmi, and Vice President of Accounts & Finance Muhammad Hafiz Othman.

All three accused claimed trial to the charges filed against them. Sessions Court Judge Sabariah Othman fixed bail at RM300,000 with two sureties each, and ordered the passports of all accused persons to be surrendered to court. Additionally, all three accused are required to report to the SC’s Investigating Officer on a monthly basis.

Independent Non-Executive Director Abu Bakar Uzir who appeared for Serba Dinamik to answer to the charge against Serba Dinamik, also claimed trial.

Under section 369(a)(B) of the CMSA, a person found to have made a false or misleading statement to the SC, the Exchange or approved clearing house, if convicted, faces an imprisonment term not exceeding 10 years and a fine of not less than RM3 million, or both.

The SC’s investigation into Serba Dinamik started in May 2021 following a section 320 CMSA report by KPMG to the SC. Under the CMSA, auditors have a statutory obligation to immediately report to the SC, if they reasonably believe that there are any matters that may constitute a breach or non-performance of any requirement of securities laws, rules of the stock exchange or any matter that may adversely affect to a material extent the financial position of a listed company.

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