Malaysian securities regulator costs Serba Dinamik, seeks arrest of CEO By Reuters


© Reuters. Investors monitor stock market prices in Kuala Lumpur November 13, 2008. Malaysia is currently reviewing rules that allow Islamic financial institutions to short sell stocks to improve market liquidity and promote hedging, the market regulator said

KUALA LUMPUR (Reuters) – The Malaysian Securities and Exchange Commission said it is aiming to arrest the chairman of the board of directors of oil and gas services company Serba Dinamik Holdings and accused the company’s employees of making a false statement on the country’s stock exchange.

In a statement released on Tuesday, the Securities Commission Malaysia (SC) also said it had received an arrest warrant from the police against the Serbian board chairman and group manager Mohd Abdul Karim Abdullah. The regulator said the CEO was “currently at large”.

Serba declined to comment, while the police did not immediately respond to a request for comment. Reuters was unable to ask Abdul Karim for comment or determine his location.

The regulator said the false statement related to sales of 6.014 billion ringgit ($ 1.44 billion) released by Serba in its quarterly report for the period ended December 31, 2020.

The investigation against Serba began in May following a report by the external auditor KPMG.

The latter had raised concerns about not being able to verify 3.5 billion ringgit contracts and transactions with 11 of Serba’s customers. KPMG resigned in June after Serba filed a lawsuit.

KPMG announced that it would vigorously challenge legal proceedings, but declined to comment after stepping down from the auditor’s role.

Serba named EY Consulting a special independent valuer in July after the Bursa Malaysia Stock Exchange issued an instruction that the company should review the issues raised by KPMG.

But Serba filed a lawsuit against EY Consulting last month to prevent any information about the group from being made public.

Bursa Malaysia and EY Consulting did not immediately respond to requests for comment.

Serba shares have been on hold since Dec. 15 after a $ 222.22 million sukuk defaulted. A filing on the stock exchange said the incident could have a significant impact on the Group’s financial performance.

($ 1 = 4.1800 ringgit)

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