Is there a Dubai link to the AG’s decision to compound Serba?

WHILE the Dubai diplomatic fiasco has stolen the limelight from Prime Minister Datuk Seri Ismail Sabri Yaakob’s Middle Eastern tour of duty in late March, there is another development that has been concealed – till today at least.

(FocusM) – A little bird in the know – someone in the PM’s entourage – shared with FocusM that while visiting the Malaysia Pavilion @ Expo 2020 Dubai on the penultimate day of the global trade showcase, the PM had “bumped into” Serba Dinamik Holdings Bhd group managing director/CEO Datuk Mohd Abdul Karim Abdullah and few other directors who happened to be on-site.

This is not surprising given that the global integrated oil & gas (O&G) outfit was a premier partner for the Malaysia Pavilion.

Interestingly, it was also made known to FocusM that afterwards, the Serba Dinamik management team led by its head honcho Abdul Karim had an hour meeting with the PM.

Back home, it is public knowledge that Serba Dinamik, Abdul Karim and three senior executives of the company were earlier charged with submitting a false statement to Bursa Malaysia Securities Bhd in relation to the revenue figure of RM6.014 bil contained in the company’s consolidated results for the quarter and year ended Dec 31, 2020.

On April 11, news broke out that the aforementioned Serba Dinamik’s top executives were expected to get compound offers after the Attorney-General’s Chambers (AGC)  accepted letters of representation on the matter despite objections from the Securities Commission (SC) and Bursa Malaysia Securities Bhd.

Eventually, the SC had on April 13 compounded Serba Dinamik and its four top executives RM3 mil each for the submission of false statement which was previously red-flagged by the company’s external auditor, KPMG PLC.

The four individuals were Abdul Karim, executive director Datuk Syed Nazim Syed Faisal who was chief financial officer (CFO) from June 2016 until mid-2020, its current group CFO Azhan Azmi, and vice president of accounts and finance Muhammad Hafiz Othman.

Read more here