![]() ![]() In a late filing, Serba Dinamik said it had appointed two new directors, namely Noor Azri Noor Azerai, 22, and Abu Bakar Uzir, 43. Notably, this action by Serba Dinamik came roughly two weeks after Bursa Malaysia ordered the oil and gas services firm to reveal the “Factual Findings Update” from EY’s special independent review.īursa Malaysia has suspended, since Oct 22, the trading of Serba Dinamik’s securities, including all of its warrants. Through the originating summons, Serba Dinamik is asking the High Court to declare that Bursa Malaysia’s instruction to appoint EY as a special auditor is “in excess of power, null and void and of no effect”. He established Serba Dinamik in 1993 in Bintulu, Sarawak to provide maintenance ser. The company sued KPMG for alleged negligence and breach of duties. Dato’ Karim is the Group Managing Director of Serba Dinamik Holdings Bhd. Recall, EY was appointed by Serba Dinamik in July to undertake a “special independent review” on the company’s financial accounts, following directives from Bursa Malaysia on June 28 and July 2.ĮY’s appointment was made after Serba Dinamik’s previous auditor, KPMG, highlighted questionable transactions worth some RM4.54bil. Serba Dinamik also wants an interim injunctive relief against Bursa Malaysia to prevent the latter from making any announcement on the “Factual Findings Update” prepared by Ernst & Young (EY). The company said it was seeking damages from the stock exchange regulator. On the same day, Bursa Malaysia filings also showed that Serba Dinamik group managing director and chief executive officer Datuk Mohd Abdul Karim Abdullah (pic below) had disposed of 25 million shares or a 4.6% stake in KPower Bhd.Įarlier this month, Serba Dinamik filed an originating summons against Bursa Malaysia at the Kuala Lumpur High Court, just months after it filed a legal suit against its former external auditor. On Wednesday, the company announced the resignations of its chairman Datuk Mohamed Ilyas Pakeer Mohamed and independent director Johan Mohamed Ishak, less than six months after both joined the board.īoth said Bursa Malaysia’s stipulations had prevented them from carrying out their duties in a fair manner. With the rejection, Serba Dinamik said it will be submitting an appeal to Bursa Malaysia in due course. The controversy-hit company said in a filing with the stock exchange that it had on Nov 23 requested a second extension up to Dec 31, citing the change of external auditor and impact of movement restrictions in Malaysia and abroad due to Covid-19 as reasons for the proposed extension. ![]() He claimed trial to the charge filed against him and was granted bail of RM200,000 with two sureties if convicted could be facing 10 years imprisonment.PETALING JAYA: Bursa Malaysia has rejected oil and gas company Serba Dinamik Holdings Bhd ’s request for an extension of time to issue its annual report for the financial year ended June 30, 2021. He was directly involved in instructing the preparation of false documentation relating to the sales of Serba Dinamik Sdn Bhd, an offence under section 368(1)(b)(i). Also charged is Muhammad Hafiz Othman, Vice President of Accounts & Finance for falsifying the accounting records of its subsidiary Serba Dinamik Sdn Bhd. Sessions Court Judge Sabariah Othman fixed bail at RM500,000 with two sureties, CEO Dato’ Karim is also required to report to the SC on terms to be decided by the commission. IWORDS SIMONE HENDERSON-SMART IMAGES SERBA DINAMIK GROUP n our chat with the Group Managing Director and Group CEO of Serba Dinamik, Mohd Abdul Karim, there’s a word that keeps cropping up: sustainability. The company listed on the main market along with a director and two senior officers were charged by SC on 28 December 2021 for the same offence which, if convicted, are facing prison terms not exceeding 10 years and or a fine of not less than RM3 million. Serba Dinamik Group has found a way to navigate the highs and lows of a volatile market. This is an offence under section 369(a)(B) of the Capital Markets and Services Act 2007.Īccording to the Commission, the charge filed at the Kuala Lumpur Sessions Court is in relation to the revenue figure of RM6.014 billion contained in Serba Dinamik’s Quarterly Report on the Consolidated Results for the Quarter and Year ended 31 December 2020. Mohd Abdul Karim Abdullah was for submitting false statements to Bursa Malaysia Securities Berhad. Further to the recent revelations of Serba Dinamik Chief Executive Officer and his cohorts being charged in court, the Securities Commission has confirmed that the charges on CEO Dato’ Dr.
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