Source: Securities Commission lodges police report against Serba Dinamik

·1-min read
A view of the Securities Commission Malaysia building in Kuala Lumpur. — Picture via Twitter/Bernama
A view of the Securities Commission Malaysia building in Kuala Lumpur. — Picture via Twitter/Bernama

KUALA LUMPUR, April 23 — The Securities Commission Malaysia (SC) today filed a police report against Serba Dinamik Holdings Berhad, according to a source.

It is understood that the complaint was made by the SC on the grounds of defamation under Section 499 of the Penal Code in relation to a 26-page letter Serba Dinamik released on Thursday.

It was written in response to a February 7 High Court order compelling Serba Dinamik to divulge the factual findings update (FFU) prepared by Ernst & Young Consulting (EYC), following a special independent review on the company over audit issues raised by its external auditor, KPMG.

In the letter, Serba Dinamik questioned the SC’s motive to press charges against the company over an alleged false RM6.01 billion revenue figure.

The oil and gas outfit alleged, among other things, that the SC had threatened its staff by asking them to turn witness against the company and management in exchange for not being charged.

An SC source said the regulator viewed the letter as “an attempt to intimidate us from executing our duties”.

“We will neither be intimidated nor deterred from carrying out our responsibilities to protect investors,” the source said.

The source added that the SC hopes police could investigate the matter with urgency as it involved “billions of ringgit” from financial institutions and investors.

Serba Dinamik was compounded by the SC on April 13 for submitting a false statement about its RM6.01 billion revenue for its financial period ended December 31, 2020 (FY20), previously red-flagged by KPMG.

Related Articles Selangor police confirm two individuals using excessive force in viral video as police personnel Police launch 18th Op Selamat roadshow at selected locations nationwide Cops: Hunt on for remaining escapee from Jelebu rehab centre

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting