SERBA Dinamik Holdings Bhd, its two directors and two senior executives are acquitted and discharged from charges of submitting false statements to Bursa Malaysia Securities Bhd by four Sessions Courts in Kuala Lumpur today, after they settled a total fine of RM16 million.

The individuals are group CEO Mohd Abdul Karim Abdullah, chief financial officer Azhan Azmi, non-independent executive director Syed Nazim Syed Faisal, as well as deputy president of accounts and finance Muhammad Hafiz Othman.

Judges Ahmad Kamar Jamaluddin, Emelia Kaswati Mohamad Khalid, Kamarudin Kamsun and Sabariah Othman granted the acquittal and discharge after the prosecution informed the court that the company and four individuals settled their total fine of RM16 million on May 9, and dropped charges against them.

The court also ordered bail and passports to be returned to the four individuals.

The case was handled by Securities Commission deputy public prosecutor Hashley Tajudin, Izzat Fauzan and Zul’aida Zulkifli, and prosecuting officer Mohd Izuddin Mohamed.

“The prosecution applied for the charges to be withdrawn under section 254 of the Criminal Procedure Code, in which the prosecution has no intention of pursuing the case, following the payment of the fines,” said Hashley.

“We recommend that they be acquitted and discharged.”

Hashley on April 11 told the court that Serba Dinamik and the four individuals submitted representations to the Attorney-General’s Chambers on March 17 and it was accepted on April 7 on condition that a number of stipulations are met.

Serba Dinamik, Karim, Azhan, Syed Nazim and Hafiz each paid a RM3 million fine. Hafiz paid an additional RM1 million fine for falsifying the accounting records of the company’s subsidiary.

They were all charged with submitting false statements to Bursa Malaysia regarding the company’s financial affairs for the financial quarter ended December 31, 2020.

They were charged under section 369 (a)(B) of the Capital Markets and Services Act 2007, read together with section 367 (1) and punishable under section 369, which provides for an up to 10 years’ jail and up to RM3 million fine. – Bernama, May 13, 2022.