- Rejects allegations made by Serba Dinamik against the SC in its 26-pages statement as baseless and malicious
24 April 2022 | Kuala Lumpur
The Securities Commission Malaysia (SC) strongly refutes all allegations made by Serba Dinamik Holdings Berhad
(Serba Dinamik), accusing it of acting in bad faith and not following procedures in discharging its duties.
As the statutory body mandated by Parliament to regulate the Malaysian capital market, the SC is charged with the responsibility of maintaining trust and confidence in the capital market. Its enforcement action against Serba Dinamik was undertaken in the public’s interest, to promote the integrity and reliability of financial statements of public listed companies.
The SC denounces any attempts to intimidate the SC or its officers and undermine its authority and credibility.
In relation to this, the SC yesterday lodged a police report against Serba Dinamik for issuing an announcement dated 21 April 2022, which contained statements that are baseless and malicious, and which may or have the effect of misleading or confusing members of the public and/or paint a negative image of the SC and its officers.
Serba Dinamik and four of its board members and senior management (the Accused) were earlier charged for offences under securities laws in December 2021 for providing a false statement to Bursa Malaysia Securities Berhad in relation to Serba Dinamik’s revenue figure of RM6.01 billion contained in its consolidated results for the quarter and year ended 31 December 2020.
Following Serba Dinamik’s representation to the Attorney-General’s Chambers, the Attorney-General had on 7 April 2022 agreed for all the charges to be compounded.
The SC notes that the bulk of the allegations made by Serba Dinamik against the SC were issues and arguments put forward by Serba Dinamik in various High Court proceedings filed by Serba Dinamik, which have since been dismissed by the High Court.
In this regard, the SC wishes to state that investigations regarding this matter was conducted in accordance with its statutory powers and established processes and procedures, and categorically rejects the claims by Serba Dinamik as being without any merit, including the following:
SECURITIES COMMISSION MALAYSIA