KUALA LUMPUR – The Malaysian Bar has called on the Attorney-General’s Chambers (AGC) to reveal why it had withdrawn charges against energy services firm Serba Dinamik Holdings Bhd.
As AGC did not provide a statement on its decision to not prosecute Serba Dinamik and the accused executives, Bar vice-president Mohamad Ezri Abdul Wahab said clarification must be provided as the case is of public interest.
He added that the AGC should exercise its powers appropriately to avoid undermining the capital market regulators’ efforts to maintain the integrity of the market.
“With due respect, the AGC should refrain from making a decision that overrides the recommendations made by the regulator – in this case the Securities Commission (SC) – as this could potentially erode the function and public perception vested in the regulator,” he said in a statement today.
Warning that the way the Serba Dinamik case has been handled could lead to negative perceptions of selective enforcement, he said the considered opinions of market regulators such as SC and Bursa Malaysia should be executed accordingly.
Serba Dinamik and four of 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 SC said the individuals involved were Serba Dinamik CEO and group managing director Datuk Mohd Abdul Karim Abdullah, executive director Datuk Syed Nazim Syed Faisal, group chief financial officer Azhan Azmi, and accounts and finance vice-president Muhammad Hafiz Othman.
About three weeks ago, the AGC withdrew the charges after a letter of representation by the accused.
Subsequently, the SC had imposed a maximum compound of RM3 million each against the oil and gas company and the senior executives involved, noting that the public prosecutor had provided written consent to the compound.
Last month, opposition leader Datuk Seri Anwar Ibrahim had called for clarification on the matter, while Muda vice-president Lim Wei Jiet had urged the government to explain the resignation of several top officials from the SC. – The Vibes, May 6, 2022
