THE Securities Commission of Malaysia took action against Serba Dinamik Holdings Berhad in the public interest, and to promote the integrity and reliability of financial statements of public listed companies, the regulator said in a statement today.

The SC also said it denounced any attempts to intimidate the commission or its officers, and to undermine its authority and credibility.

It was in this regard the SC lodged a police report against Serba Dinamik yesterday for issuing an announcement dated April 21, 2022, which contained statements that the commission said were baseless and malicious.

The SC said Serba Dinamik’s announcement may have the effect of misleading or confusing members of the public and paint a negative image of the SC and its officers.

Earlier today, the SC lodged a police report against the oil and gas firm for criminal defamation.

In the report, the regulator alleged that Serba Dinamik’s announcement to Bursa Malaysia on Thursday was in breach of section 499 of the penal code.

In the announcement, the beleaguered company had included an attachment – a 26-page filing entitled the court order dated February 7, 2022.

Serba Dinamik and four of its board members and senior management were earlier charged for offences under securities laws in December 2021 for providing a false statement to Bursa Malaysia Securities Berhad in relation to Serba Dinamik’s revenue figure of RM6.01 billion contained in its consolidated results for the quarter and year ended December 31, 2020.

Following Serba Dinamik’s representation to the Attorney-General’s Chambers, the attorney-general on April 7, 2022, agreed for all the charges to be compounded.

The SC said in its statement that the bulk of the allegations made by Serba Dinamik were arguments put forward by the company in various High Court proceedings it filed, which have since been dismissed by the court.

“In this regard, the SC wishes to state that investigations regarding this matter were conducted in accordance with its statutory powers and established processes and procedures, and categorically rejects the claims by Serba Dinamik, which are without merit.”

The SC denied that it failed to handover documents relating to the case, insisting that they have been provided to Serba Dinamik.

The SC also said its investigation powers, including the raid conducted at Serba Dinamik’s office on May 18, 2021, were proper and executed in good faith.

It further said that its investigating officers, prosecuting officers and deputy public prosecutors had not at any time threatened any staff of Serba Dinamik, and that statements recorded from these witnesses were conducted according to due process.

It added that statements were made to the SC voluntarily without any inducement, threat or promise.

“The SC filed the report to enable the police and other relevant authorities to investigate the matter, including for the offence of defamation under section 499 of the penal code and/or other relevant laws.

“It also sought the police’s co-operation to conduct its investigations with urgency to help safeguard investors’ interest,” the SC said. – April 24, 2022.