Serba Dinamik and senior executives accused of misleading Bursa Malaysia

Malaysia – In today’s proceedings at the Sessions Court in Kuala Lumpur, Serba Dinamik Holdings Bhd and three of its officials were accused of allegedly providing fake financial statements to Bursa Malaysia Securities Bhd.

In addition to the executive director Datuk Syed Nazim Syed Faisal, the group chief financial officer Azhan Azmi, and the vice-president of accounting and finance Muhammad Hafiz Othman were also accused, according to the Edge Markets.

Section 369(a)(B) of the Capital Markets and Services Act 200, which covers the crime of willfully submitting false information to a stock exchange, among other things, in relation to a securities or derivative, was used against all three.

The accusations against them were read in conjunction with Section 367(1) of the Capital Markets and Services Act 2007, which holds office holders accountable for acts committed by the corporation in which they hold office.

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As part of this investigation, the company was charged under Section 369a)(B) with falsifying an allegedly false financial statement on profits reported by the business for its fourth fiscal quarter that concluded on December 31, 2020.

The executives appeared in front of Judge Sabariah Othman and entered a not guilty plea on their behalf.

They were represented by L.K. Mak, an attorney.

In addition, Sabariah ordered the three accused to relinquish their passports and report once a month to the closest Securities Commission (SC) office until the allegations against them were dismissed.

Another Serba Dinamik non-independent executive director, Abu Bakar Uzir, pleaded not guilty on behalf of the company before judge Hamidah Mohamed Deril on the same charge in a separate Sessions Court.

If found guilty, the accused might face a jail sentence of not more than 10 years and a fine of not more than RM3 million if convicted.

It was also said that the SC is attempting to identify Datuk Dr Mohd Abdul Karim Abdullah, the managing director and chief executive officer of the Serba Dinamik group, in order to bring charges against him as well.

The next hearing will take place on January 27th, according to the court.