SC Imposes Maximum Compound against SERBA DINAMIK?

13 April 2022  |  Kuala Lumpur

The Securities Commission Malaysia (SC) today, with the written consent of the Public Prosecutor, and pursuant to its powers under Section 373(1) of the Capital Markets and Services Act (CMSA), compounded Serba Dinamik Holdings Berhad (Serba Dinamik), its chief executive officer, executive director and two officers for a sum of RM3 million each.

This follows the decision of the Public Prosecutor to accept the representation made to the Attorney-General’s Chambers by Serba Dinamik and the individuals involved regarding the charges pending in court.

Is this the maximum amount?
Who gets another compound?

This is the maximum amount of compound permissible under Section 369(a)(B) of the CMSA for submission of false information in the company’s financial statement. Serba Dinamik and the said individuals were earlier charged for submitting a false statement to Bursa Malaysia Securities Berhad on 26 February 2021, 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 four individuals involved are:

1. CEO/group managing director Dato’ Dr. Ir. Ts. Mohd Abdul Karim Abdullah,
2. Executive director Datuk Syed Nazim Syed Faisal,
3. Group chief financial officer Azhan Azmi, and
4. Vice president of accounts and finance Muhammad Hafiz Othman.

Muhammad Hafiz was also issued with another compound of RM1 million, also the maximum amount permissible, for falsifying the accounting records of the company’s subsidiary Serba Dinamik Sdn Bhd, an offence under section 368(1)(b)(i) of the CMSA. He was earlier charged for being involved in instructing the preparation of false documentations relating to the sales of Serba Dinamik Sdn Bhd.

Source: SECURITIES COMMISSION MALAYSIA

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