Report: Serba Dinamik, senior execs charged with feeding Bursa Malaysia false financial info

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The Securities Commission is trying to locate Serba Dinamik group managing director and chief executive officer Datuk Dr Mohd Abdul Karim Abdullah, in order to charge him as well.
The Securities Commission is trying to locate Serba Dinamik group managing director and chief executive officer Datuk Dr Mohd Abdul Karim Abdullah, in order to charge him as well.

KUALA LUMPUR, Dec 28 — Serba Dinamik Holdings Bhd and three of its executives were charged at the Sessions Court here today with allegedly furnishing false financial statements to Bursa Malaysia Securities Bhd

According to the Edge Markets, 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.

All three were charged under Section 369(a)(B) of the Capital Markets and Services Act 200, which covers the offence of intentionally providing false information to a stock exchange, among others, regarding a security or derivative.

Their charges were read together with Section 367(1) of the Capital Markets and Services Act 2007, which deems office holders liable for offences committed by the body corporate.

The firm was also charged under Section 369(a)(B) over an allegedly falsified financial statement on profits recorded by the firm for the fourth fiscal quarter ended on December 31, 2020.

The executives appeared before judge Sabariah Othman and pleaded not guilty.

They were represented by lawyer L.K Mak.

Sabariah set RM300,000 bail with two sureties each for each of the three accused, and ordered them to surrender their passports and report once a month to the nearest Securities Commission (SC) office until their disposal of their charges.

In another Sessions Court, Serba Dinamik non-independent executive director Abu Bakar Uzir pleaded not guilty on behalf of the firm in front of judge Hamidah Mohamed Deril on the same charge.

If convicted, the accused could face a prison term not exceeding 10 years and a fine not exceeding RM3 million.

The financial daily also reported that the SC is trying to locate Serba Dinamik group managing director and chief executive officer Datuk Dr Mohd Abdul Karim Abdullah, in order to charge him as well.

The court has fixed Jan 27 as the next hearing date.

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