Report: Serba Dinamik CEO charged in Sessions Court with furnishing false financial statement to Bursa Malaysia

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The financial news portal reported that Datuk Mohd Abdul Karim Abdullah, in his capacity as the director of the firm, was charged by the Securities Commission Malaysia (SC) under Section 369(a)(b) of the Capital Markets and Services Act 2007 (CMSA), which involves furnishing a false statement on the firm’s quarterly report for the fiscal quarter ended December 31, 2020. — Reuters pic
The financial news portal reported that Datuk Mohd Abdul Karim Abdullah, in his capacity as the director of the firm, was charged by the Securities Commission Malaysia (SC) under Section 369(a)(b) of the Capital Markets and Services Act 2007 (CMSA), which involves furnishing a false statement on the firm’s quarterly report for the fiscal quarter ended December 31, 2020. — Reuters pic

KUALA LUMPUR, Dec 29 — Serba Dinamik Holdings Bhd chief executive officer (CEO) Datuk Mohd Abdul Karim Abdullah was charged at the Sessions Court here today with allegedly furnishing a false statement to Bursa Malaysia, The Edge Markets reported.

The financial news portal reported that Abdul Karim, in his capacity as the director of the firm, was charged by the Securities Commission Malaysia (SC) under Section 369(a)(b) of the Capital Markets and Services Act 2007 (CMSA), which involves furnishing a false statement on the firm’s quarterly report for the fiscal quarter ended December 31, 2020.

Abdul Karim had pleaded not guilty before Sessions Court judge Datin Sabariah Othman today.

Sabariah had then listed a RM500,000 bail with two sureties and also ordered Abdul Karim to report to an SC investigative officer based on an agreed-upon schedule to be determined at a later date.

Abdul Karim was not ordered to surrender his passport to the court, but was reminded of the need for the former to attend all future court proceedings.

Abdul Karim is deemed to have allegedly committed the offence under Section 367(1) of the CMSA and punishable under Section 369 of the same Act.

If found guilty, Abdul Karim is liable to a jail term not exceeding 10 years and a fine not exceeding RM3 million.

Yesterday, Serba Dinamik Holdings Bhd and three of its executives were also charged at the Sessions Court with allegedly furnishing false financial statements to Bursa Malaysia Securities Bhd

Those charged were executive director Datuk Syed Nazim Syed Faisal, group chief financial officer Azhan Azmi, and vice-president of accounts and finance Muhammad Hafiz Othman.

Abdul Karim was also supposed to be charged yesterday but was not able to be located, thus leading the SC to secure a warrant for his arrest.

Today, Abdul Karim’s lawyer Tan Sri Muhammad Shafee Abdullah had submitted before the Sessions Court that he had allegedly requested 24 hours from the SC to allow him to consult with his lawyers.

Shafee also claimed that this is why his client was not present in court yesterday.

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