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Serba Dinamik CEO charged over alleged false statement on company affairs – Free Malaysia Today

KUALA LUMPUR: Serba Dinamik Holdings Bhd’s (Serba Dinamik) chief executive officer, Mohd Abdul Karim Abdullah, was charged in the sessions court here today with submitting false statements to Bursa Malaysia regarding the affairs of the company.
Karim, 56, who was issued a warrant of arrest yesterday, pleaded not guilty when the charge was read out to him before Judge Sabariah Othman.
He is alleged to have submitted a false statement to Bursa Malaysia Securities Bhd pertaining to Serba Dinamik’s quarterly report on the consolidated results for the quarter and year ended Dec 31, 2020.
Under Section 369(a)(B) of the Capital Markets and Services Act (CMSA), an individual or company is said to have committed an offence if found to have made a false or misleading statement to the Securities Commission (SC), the stock exchange or an approved clearing house.
Those convicted face a maximum 10 years’ jail term and a fine of up to RM3 million or both.
Sabariah allowed Karim bail of RM500,000 in two sureties and ordered him to report to the investigating officer as scheduled.
“Failure to do so will result in your bail being revoked and will lead to your arrest,” she said.
However, she allowed Karim to keep his passport as he has to travel overseas frequently.
Sabariah also fixed the next hearing on Jan 27 for the prosecution to hand over documents in preparation for Karim’s defence.
Yesterday, the company and its three senior executives were also charged with a similar offence.
They were its executive director Syed Nazim Syed Faisal, group chief financial officer Azhan Azmi, and deputy president of accounts and finance Muhammad Hafiz Othman.
Sabariah set bail at RM300,000 each with two sureties, and ordered that their passports be impounded.
In addition, the three are required to report to the investigating officer every month.
Independent non-executive director Abu Bakar Uzir, who was present on behalf of Serba Dinamik to answer the charges against the company, also claimed trial.
The offence was allegedly committed at Bursa Malaysia, Bukit Kewangan, here, on Feb 26.
Lawyer Muhammad Shafee Abdullah, who represented Karim, today told the court that his client was unable to be present in court yesterday as the notice given by SC was too short.
“He needs to give instructions to his lawyers and we need to explain the legal implications of the charge,” he said.
Shafee said the arrest warrant was not executed as he had undertaken to produce Karim in court.
“We brought him today,” he said, adding that several calls were made to the Attorney-General and Prime Minister’s Offices to defer the prosecution.
Shafee said this is because Karim will be attending a trade expo in Dubai next week to woo investors.
“Serba Dinamik and Petronas will be bringing in investment to the tune of RM33.9 billion,” he said, adding that Karim is also scheduled to give a speech at the expo.
Deputy public prosecutor Zul’Aida Zulkifli, who was assisted by Mohd Hafiz Mohd Yusof, proposed a RM2 million bail.
Hafiz said the warrant was not executed out of good faith by the investigating officer but that the prosecution still wants a court order that the accused hand over his passport to the court.
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