KUALA LUMPUR: Integrated oil and gas engineering services provider Serba Dinamik Holdings Berhad, two of its directors and two senior executive officers were acquitted and discharged by four Sessions Courts here today from charges of submitting false statements to Bursa Malaysia Securities Berhad after they settled a total fine of RM15 million.

They comprise Serba Dinamik Group chief executive officer (Group CEO) Datuk Dr Mohd Abdul Karim Abdullah, Group chief financial officer (CFO) Azhan Azmi, non-independent executive director Datuk Syed Nazim Syed Faisal and deputy president of accounts and finance Muhammad Hafiz Othman.

Judge Kamarudin Kamsun; Judge Ahmad Kamar Jamaluddin; Judge Emelia Kaswati Mohamad Khalid and Judge Datin Sabariah Othman granted the discharge and acquittal after the prosecution informed the court that the company and the four individuals had settled their compounds amounting to RM15 million on May 9 and dropped charges against them.

The court also ordered bail and passports to be returned to the four individuals involved.

The case was handled by Securities Commission (SC) deputy public prosecutor Hashley Tajudin, Zul'aida Zulkifli, Izzat Fauzan and SC prosecuting officer Mohd Izuddin Mohamed.

Earlier, Hashley informed the court that Serba Dinamik and the four individuals had cleared the compounds issued by the Attorney-General's Chambers (AGC).

"Following the payment of the compounds, the prosecution applied for the charges against them to be withdrawn under Section 254 of the Criminal Procedure Code in which the prosecution has no intention of pursuing with the case, so we recommend that they be discharged and acquitted," he said.

Also present at the proceedings were lawyer Datuk Firoz Hussein Ahmad Jamaluddin who represented Azhan, lawyer Wan Aizuddin Wan Mohammed who represented Serba Dinamik and lawyer Farhan Read who represented Muhammad Hafiz.

On April 11, Hashley told the court that Serba Dinamik and the four individuals had submitted representations to the AGC on March 17 and it was accepted on April 7 on condition that a number of stipulations need to be implemented.

Serba Dinamik, Mohd Abdul Karim, Azhan and Syed Nazim and Muhammad Hafiz each paid up a compound of RM3 million.

Serba Dinamik, Mohd Abdul Karim who is also the managing director of Serba Dinamik, Syed Nazim, Azhan Azmi and Muhammad Hafiz, were each charged with fraudulently submitting false statements to Bursa Malaysia regarding Serba Dinamik's financial affairs contained in the company's quarterly report for the financial quarter ended Dec 31 2020.

They are accused of committing the act at Bursa Malaysia Securities Berhad in Bukit Kewangan here on Feb 26 last year under Section 369 (a) (B) read together with Section 367 (1) of the Capital Markets and Services Act 2007 (CMSA) which is punishable under Section 369 of the same act, which provides for a maximum imprisonment of 10 years and a fine not exceeding RM3 million.

Muhammad Hafiz was subsequently charged in the Sessions Court in Shah Alam (Selangor) on charges of falsifying Serba Dinamik's accounting records and the case is set for mention on May 19.

The court had ordered bail of RM500,000 for Mohd Abdul Karim while the other three had bail of RM300,000 each.