Serba Dinamik leaders released and acquitted

KUALA LUMPUR (May 13): After paying the total of RM16 million in compounds issued by the Securities Commission Malaysia (SC) earlier this week, Serba Dinamik Holdings Bhd and its four senior executives are granted a discharge and acquittal.

This happened in session court on the morning of Friday May 13, when the four main executives were in court, including the company’s majority shareholder, Datuk Dr Mohd Abdul Karim Abdullah, who is also chief executive and managing director. of the group.

The others acquitted were chief executive Datuk Syed Nazim Syed Faisal, group chief financial officer (CFO) Azhan Azmi and vice president of accounts and finance Muhammad Hafiz Othman.

Mohd Abdul Karim, Syed Nazim (who was the CFO between June 2016 and mid-2020), Azhan and Hafiz were each charged under Section 369(a)(B), read in conjunction with Section 367 ( 1), Capital Markets and Services Act 2007 for submitting a false statement involving turnover of RM6.01 billion for the company’s 12-month financial period ending 31 December 2020.

Mohd Abdul Karim, Syed Nazim and Azhan were represented by attorney Datuk Firoz Hussein Ahmad Jamaluddin, who confirmed with that his clients were released and acquitted.

Mohd Abdul Karim and Azhan had the proceedings heard before Magistrate Court Judge Kamaruddin Kamsun.

Syed Nazim had his case heard before Magistrate Court Judge Ahmad Kamar Jamaluddin, while Serba Dinamik appeared before Magistrate Court Judge Emelia Kaswati Mohamad Khalid and Hafiz appeared before Magistrate Court Judge Sabariah Othman.

Deputy SC prosecutors Hashley Tajudin, Zul’aida Zulkifli and Izzat Fauzan appeared for the prosecution.

The leaders were originally charged last December and their attorneys had sent the letters of representation, which were accepted by the Attorney General’s Chamber (AGC) despite criticism.

On Thursday, it was reported that the four senior executives had paid the compounds totaling RM16m, where each of them besides Serba Dinamik were slapped with RM3m each.

Hafiz was fined an additional compound of RM1 million for falsifying the accounting records of a subsidiary of Serba Dinamik.

The MCO reportedly agreed to a conditional representation last month following the legal representation made by the company.

The SC previously said it released the compound opinions after the MCO cleared representation on the charges.

Therefore, the company had to pay for the compound originally scheduled for April 28 before it was extended until May 11.

It is understood that payment was made by check on Monday.

Read also:
Serba Dinamik and top executives pay RM16m offered by AGC
Representation of Serba Dinamik and leaders conditionally accepted by GA chambers

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