Sc Imposes Maximum Compound Against Serba Dinamik Top Execs

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The four top executives of Serba Dinamik Holdings Bhd were earlier charged for submitting a false financial statement to Bursa Malaysia.KUALA LUMPUR: The Securities Commission (SC) has imposed a maximum compound of RM3 million each against Serba Dinamik Holdings Bhd, its chief executive officer (CEO), executive director and two officers for submitting a false financial statement to Bursa Malaysia.
It said the individuals involved were Serba Dinamik CEO and group managing director Abdul Karim Abdullah, executive director Syed Nazim Syed Faisal, group chief financial officer Azhan Azmi, and accounts and finance vice-president Hafiz Othman.
“Hafiz was issued another compound of RM1 million – 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 Capital Markets and Services Act (CMSA),” the SC said in a statement today.
It said Hafiz was earlier charged with being involved in instructing the preparation of false documentation relating to the sales of Serba Dinamik Sdn Bhd.
It said the compound was made with the written consent of the public prosecutor, and pursuant to its powers under Section 373(1) of the CMSA.
“This follows the decision of the public prosecutor to accept the representation made to the Attorney-General’s Chambers (AGC) by Serba Dinamik and the individuals involved regarding the charges pending in court,” it said.
The SC said this was 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 financial statement to Bursa Malaysia on Feb 26, 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 Dec 31, 2020,” it said. - FMT

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