SC obtains arrest warrant for Serba Dinamik CEO

PETALING JAYA: The Securities Commission (SC) has obtained an arrest warrant for Serba Dinamik Holdings Bhd group managing director and CEO Datuk Mohd Abdul Karim Abdullah.

He was also the former chairman and non-executive, non-independent director of Sarawak Consolidated Industries Bhd (SCIB).

In a statement, the SC said Karim was previously charged with furnishing false information in 2021 in relation to the financial statements of Serba Dinamik.

“The matter was however resolved via compound following the decision of the Public Prosecutor in accepting Karim’s representation, where he was imposed with a compound of RM3mil.

“Karim, who is currently at large, is wanted for the same offence under section 369(b)(B) of the Capital Markets and Services Act 2007 (CMSA).

“The Public Prosecutor has granted consent for criminal prosecution against Karim for his involvement in causing the furnishing of the false statement by SCIB to Bursa Malaysia.

The SC said the last known address of Abdul Karim was at Lake Garden Villas, Cahaya SPK, Shah Alam, and he also has an address at Burj Khalifa, in Dubai, United Arab Emirates.

“Members of the public, it added, who have any information on Abdul Karim’s whereabouts are urged to notify the SC at 012-6112 496 or email the SC at aduan@seccom.com.my.”

Karim began his engineering career with Asean Bintulu Fertilizer Sdn Bhd before being appointed as the coordinator for the Ammonia and Rotary 5th Turnaround Preparation Team in 1990.

He later went on to become a rotating equipment area engineer a year later.

In 1993, Karim founded Serba Dinamik – a maintenance, repair and overhaul service company in Bintulu, Sarawak.

The group had operational offices in Malaysia, Indonesia, United Arab Emirates, Qatar, Singapore, India, the Netherlands, Switzerland and the United Kingdom.

At its peak, Serba Dinamik’s market capitalisation hit between RM5.6bil and RM6bil in early 2021.

The company’s troubles began later that year in May 2021 when auditor KPMG flagged issues with RM3.5bil in transactions and receivables, leading to a probe by the SC, and a disclaimer of opinion on financials.

This led to an eventual PN17 classification in early January 2022 with trading suspension following that same year.

The company was not about to give up so easily, as it appealed for extensions but was denied.

Bursa Malaysia enforced a delisting under paragraph 8.04 of listing requirements and on June 5, 2024 the company was removed from the stock exchange.

Separately, the SC has charged former SCIB group managing director and chief executive officer Rosland Othman at the Kuala Lumpur Sessions Court for an offence of causing the furnishing of a false statement by SCIB to Bursa Malaysia.

The SC said Rosland was charged with one charge under section 369(b)(B) of the CMSA for causing the furnishing of SCIB’s interim financial report on consolidated results for the quarter ended June 30, 2021, which contained a revenue figure of RM852.8mil to Bursa Malaysia on Sept 30, 2021.

“According to the charge, Rosland is deemed to have committed the offence under section 367(1) of the CMSA in his capacity as director of SCIB at the material time.

“Rosland claimed trial to the charge against him. Sessions Court judge Tuan Azrul Darus granted Rosland bail of RM500,000 with one local surety.”

He was also ordered by the court to surrender his passport and to report to the SC’s investigating officer on a monthly basis until the completion of the trial as additional bail conditions.

If convicted, Rosland could face imprisonment for a term not exceeding 10 years and shall also be liable to a fine not exceeding RM3mil.