Abdul Karim, who is also Serba Dinamik’s group managing director, is still at large.
The capital market regulator today charged Serba Dinamik, its directors and officers with submitting false statements to Bursa Malaysia, an offence under Section 369 (a)(B) of the Capital Markets and Services Act 2007 (CMSA).
According to the SC’s charge filed in the Kuala Lumpur sessions court, the false statement was in relation to the revenue figure of RM6.1 billion contained in the quarterly report of consolidated financial results for the quarter and year ended on Dec 31 2020.
In a statement, the SC said the individuals charged were the company’s executive director Syed Nazim Syed Faisal, group chief financial officer Azhan Azmi, and deputy president of accounts and finance Muhammad Hafiz Othman.
All three accused parties applied to be tried on the charges filed against them. Sessions court judge Sabariah Othman set bail at RM300,000 each with two Malaysian sureties, and ordered that the passports of all the accused be handed over to the court.
In addition, the three accused are required to report to the SC investigating officer every month.
Independent non-executive director, Abu Bakar Uzir, who was present on behalf of Serba Dinamik to answer the charges against the company, also applied to be tried.
Under Section 369(a)(B) of the CMSA, an individual found to have made a false or misleading statement to the SC, the exchange or an approved clearing house, if convicted, is liable to imprisonment not exceeding 10 years and a fine not less than RM3 million, or both.
The SC’s investigation into Serba Dinamik commenced in May this year, following a Section 320 CMSA report by KPMG to the SC.
Under the CMSA, auditors have a statutory obligation to promptly report to the SC if they believe that there are matters that may be a breach or non-compliance of any requirements of securities laws, stock exchange rules or any matter that could significantly affect the financial position of the listed company.
Stay current - Follow FMT on WhatsApp, Google news and Telegram