It also said that by issuing compounds against Serba Dinamik Holdings Bhd, its 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, the need for punitive action had been achieved.

“In light of the evidence in support of the charges, and to avoid a long and protracted trial, the AGC is of the view that public interest would be better served by compounding the offences allegedly committed,” it said in a statement.

Earlier today Serba Dinamik and the officers were acquitted by the sessions court after they settled compounds amounting to RM16 million that were issued against them.

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 AGC also said that currently Serba Dinamik is slapped with winding-up petitions from their creditors, which could jeorpardise the livelihood of the company’s staff and the interest of shareholders and other creditors

“In these circumstances, the AGC finds that compounding the offences is an adequate form of punishment.

“This would then allow Serba Dinamik to focus on rectifying errors and effecting immediate compliance with regulations of Bursa Malaysia and the SC (Securities Commission), as SDHB had clearly done so in the past without fault,” it said.

Last year, Serba Dinamik and the four executives had claimed trial to charges of submitting false statements to Bursa Malaysia under 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.

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