Minister in the Prime Minister’s Department (Parliament and Law) Wan Junaidi Tuanku Jaafar said the compound imposed on Serba Dinamik Holdings Bhd and its top executives amounting to RM16 million was an adequate punishment.
He was responding to a question from Oscar Ling Chai Yew (Pakatan Harapan-Sibu) who asked about the acquittal of Serba Dinamik and four of its top executives from charges of submitting false statements to Bursa Malaysia Securities Bhd.
“This decision (to compound them) has actually enabled punitive action against Serba Dinamik and the four executives to be achieved immediately without having to go through a long trial process.
“This decision was a suitable and reasonable decision based on the circumstances of the case.
“The compound imposed by the Securities Commission (SC) is also a form of punishment that is adequate for the wrongdoing which is said to have occurred, after taking into account the circumstances of the case,” Wan Junaidi said in a written parliamentary reply to Ling dated Aug 2.
He noted that the RM16 million fine is the maximum amount of compound the SC can impose.
As such, the compound cannot be considered to be a light punishment, he added.
Attorney General Idrus Harun previously explained that he decided to drop the charges against Serba Dinamik and its executives because there was only circumstantial evidence and to avoid a long trial.
He also said the charges proffered against the company and its directors were disproportionate to the crime committed.
On April 13, Serba Dinamik, an integrated oil and gas engineering services provider, and four of its top executives were compounded RM3 million each for submitting false information in the company’s financial statement.
One of the executives was issued an additional RM1 million compound for falsifying the accounting records of Serba Dinamik’s subsidiary Serba Dinamik Sdn Bhd.
The fines were settled in full on May 9 and they were subsequently acquitted.
The Sarawak government has since been urged by opposition lawmakers to reveal the losses it suffered due to its stake in Serba Dinamik. - Mkini
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