Acquittal Granted for Serba Dinamik and Four Execs

Serba Dinamik and its four top executives are given a discharge and acquittal, after having paid the RM16 million total in compounds issued by the Securities Commission Malaysia earlier this week

Deputy Public Prosecutor (DPP) Hashley Tajudin, who appeared before Sessions Court Judge Kamarudin Kamsun in one of the four separate courts, said that Mohd Abdul Karim and group chief financial officer Azhan Azmi had both settled their RM3mil compound each.

“The SC confirmed yesterday that the compounds have been settled.”

“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 (the case), therefore we propose an order of discharge amounting to an acquittal for both,” he added on Friday, May 13.”

Serba Dinamik and the four were earlier charged for submitting a false statement to Bursa Malaysia on Feb 26 last year, in relation to the revenue figure of RM6.01 billion contained in its quarterly report on consolidated results for the quarter and year ended December 31, 2020 (FY20).

The offence falls under Section 367(1) of the Capital Markets and Services Act 2007 which carries a maximum 10 years’ imprisonment and RM3 million fine upon conviction.

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