December 29, 2021

‘King’, ‘Queen’ And ‘Knight’ Trapped, ‘Checkmate’ For Serba Dinamik?

 The All -Dynamic ‘chessboard’ is scattered, the ‘Checkmate’ is getting closer.

The Securities Commission Malaysia (SC) has prosecuted the officer, chief executive officer (CEO) and vice president of Serba Dinamik accounts and finance for violating Section 368 of the Malaysian Companies Act by falsifying financial statements to Bursa.

The SC had earlier charged executive director Datuk Syed Faisal, group chief financial officer Azhan Azmi and vice -president of accounts and finance Muhammad Hafiz Othman under Section 369 (a) (B) of the Capital Markets and Services Act 2007 (CMSA) for sending false statements to Bursa Malaysia .

Apart from that, the SC also issued an arrest warrant against the managing director and chief executive officer of Serba Dinamik group, Datuk Dr Mohd Abdul Karim Abdullah.

According to records, the SC had filed a suit in the Kuala Lumpur Section Court following false statements regarding the RM6.014 billion revenue figure recorded in Serba Dinamik's quarterly report on quarterly and yearly results ended 31 December 2020.

Section 369 (a) (B) of the CMSA provides that if a person is found to have made a false or misleading statement to the SC, exchange or approved clearing house, if convicted he will face imprisonment not exceeding 10 years and a fine of not less than RM3 million or both- both of them.