[UPDATED] Court acquits Serba Dinamik top execs after RM16 mil compound settlement

KUALA LUMPUR – Serba Dinamik Holdings Bhd senior executives are acquitted of charges involving offences under the Capital Markets and Services Act (CMSA) 2007 by the sessions court today.

This follows the oil and gas company completing the full settlement of its RM16 million compound on May 9.

According to The Star, deputy public prosecutor Hashley Tajudin said company CEO and managing director Datuk Mohd Abdul Karim Abdullah as well as group chief financial officer Azhan Azmi have settled their RM3 million compound each.

Hashley, who appeared before judge Kamarudin Kamsun in one of the four separate courts, added that the Securities Commission (SC) confirmed yesterday the settlement of the compounds.  

“Following the compound payment, the prosecution is applying for the charges to be dropped under Section 254 of the Criminal Procedure Code.

“We have no intention to pursue, therefore we propose an order of discharge amounting to an acquittal for both,” he said.

The prosecutor also informed the court that matching applications are set to be made for Serba Dinamik – which will be charged in its capacity as the entity – along with its executive director Datuk Syed Nazim Syed Faisal and accounts and finance vice-president Muhammad Hafiz Othman.

The company and its senior executives were charged last December for submitting a false statement to Bursa Malaysia Sdn Bhd relating to the company’s record high revenue of RM6.01 billion for a 12-month period.

The Attorney-General Chambers had then withdrawn the charges after accepting a letter of representation from the accused, leading to the Malaysian Bar questioning why the charges had been dropped. 

Similarly, opposition leader Datuk Seri Anwar Ibrahim had called for clarification on the matter, while Muda vice-president Lim Wei Jiet urged the government to explain the resignation of several top officials from the SC. – The Vibes, May 13, 2022