THE Securities Commission (SC) has imposed a maximum compound of RM3 million each on Serba Dinamik Holdings Bhd, as well as its CEO, executive director and two officers for submitting a false financial statement to Bursa Malaysia Securities Bhd.

The top executives are CEO and group managing director Mohd Abdul Karim Abdullah, executive director Syed Nazim Syed Faisal, CFO Azhan Azmi, and accounts and finance vice-president Muhammad Hafiz Othman.

“Hafiz was also issued another RM1 million compound – the maximum amount permissible – for falsifying the accounting records of company subsidiary Serba Dinamik Sdn Bhd, an offence under section 368 (1)(b)(i) of the Capital Markets and Services Act (CMSA),” said SC in a statement today.

Hafiz was earlier charged with instructing the preparation of false documentations relating to the sales of Serba Dinamik.

SC said the compound was made with the written consent of the public prosecutor and pursuant to its powers under section 373 (1) of the CMSA.

“This follows the decision of the public prosecutor to accept the representation made to the Attorney-General’s Chambers by Serba Dinamik and the individuals involved regarding the charges pending in court.”

The SC said this is the maximum amount of compound permissible under section 369 (a)(B) of the CMSA for submission of false information in a financial statement of a company.

“Serba Dinamik and the individuals involved were earlier charged with submitting a false statement to Bursa Malaysia on February 26, in relation to the revenue figure of RM6 billion contained in the company’s quarterly report on consolidated results for the quarter and year ended December 31, 2020.” – Bernama, April 13, 2022.