Top officials of oil and gas company Serba Dinamik Holdings Bhd including its CEO Datuk Mohd Abdul Karim Abdullah have been acquitted by the Sessions Courts of charges involving offences under the Capital Markets and Services Act (CMSA) 2007.

This is following an RM16mil compound payment that was settled on May 9, the courts heard.

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 have both settled their RM3mil compound each.

"The Securities Commission has 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, therefore we propose an order of discharge amounting to an acquittal for both," he added.

The prosecutor also informed the court that similar applications would be made in the cases of Serba Dinamik (charged in its capacity as the entity), its executive director Datuk Syed Nazim Syed Faisal and accounts and finance vice-president Muhammad Hafiz Othman.

The offences involved an alleged false statement in relation to the revenue figure of RM6.014bil contained in Serba Dinamik’s quarterly report on consolidated results for the period ended Dec 31, 2020.

Source:
courtesy of THE STAR

by NURBAITI HAMDAN

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