This comes after the company, CEO Abdul Karim Abdullah, executive director Syed Nazim Syed Faisal, group chief financial officer Azhan Azmi and vice-president of accounts and finance Hafiz Othman settled compounds amounting to RM16 million issued against them.

The Securities Commission (SC) previously said it had issued the compound notices after the Attorney-General’s Chambers (AGC) allowed its representation on the charges.

Serba Dinamik and the four executives were slapped with a RM3 million compound each. Hafiz was also given an additional RM1 million compound for falsifying the accounting records of the company’s subsidiary.

The prosecution, represented by deputy public prosecutors Hashley Tajudin, Zul’aida Zulkifli and Izzat Fauzan, and prosecuting officer Izuddin Mohamed today informed four separate sessions courts that the compounds had been fully paid on May 9.

The courts made the acquittal orders after the prosecution’s request.

Serba Dinamik and the four executives had claimed trial on Dec 28, 2021 after they were charged under Section 369(a)(B) of the Capital Markets and Services Act.

The false statement charges were in relation to the revenue figure of RM6.014 billion contained in Serba Dinamik’s Quarterly Report on Consolidated Results for the Quarter and Year ended Dec 31, 2020.

Investigations against Serba Dinamik were launched in May 2021 after the SC received a report from KPMG.