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Thursday, May 12, 2022

Serba Dinamik and its top execs settle RM16m compound


Senior executives of Serba Dinamik settled their compound fines two days ahead of the deadline.

PETALING JAYA: Serba Dinamik Holdings Bhd announced today that its top executives have fully settled the compound fines amounting to RM16 million imposed by the Securities Commission Malaysia (SC).

The compound was paid on May 9, 2022, two days ahead of the May 11 deadline, it said in a brief statement.

The group said that as its operations remain in place, it would focus on managing its creditors and the Practise Note 17 restructuring process.

Serba Dinamik and its managing director cum controlling shareholder Abdul Karim Abdullah, executive director Syed Nazim Syed Faisal, group chief financial officer Azhan Azmi as well as vice-president of accounts and finance Hafiz Othman were hit with a compound of RM3 million each for submitting a false statement relating to a RM6.01 billion revenue for its financial year ended December 30, 2022.

In addition, Hafiz was given an additional RM1 million compound for falsifying accounting records of its subsidiary.

The RM3 million compound is the maximum amount that the SC is permitted to impose under the Capital Markets and Services Act 2007 for submission of false information in a company’s financial statement.

Initially, the deadline for the settlement of the compound was on April 28, 2022.

SC had, on April 24, confirmed that it had lodged a police report against Serba Dinamik over statements that it claimed were “baseless and malicious”.

This came on the heels of a statement by Serba Dinamik questioning the regulator’s motive in pressing charges against it.

Earlier, SC had imposed the compound fines on the company and its four senior officers for submitting a false statement to Bursa Malaysia.

Following representation from Serba Dinamik, the Attorney-General’s Chambers (AGC) had, on April 7, agreed to have all the charges compounded.

In the case of Serba Dinamik, SC has stated that the decision to compound was a result of the decision of the public prosecutor to accept the representation made to the AGC regarding the charges pending in court. - FMT

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