KUALA LUMPUR (Dec 29): The Securities Commission Malaysia (SC) on Wednesday (Dec 29) charged Serba Dinamik Holdings Bhd vice-president of accounts and finance Muhammad Hafiz Othman with allegedly creating fictitious sales.

According to the charge sheet in the Shah Alam Sessions Court, Muhammad Hafiz is alleged to have created fictitious sales, causing falsified revenue to be recorded in Serba Dinamik's earnings report for 2020.

The alleged act is an offence under Section 368(1)(b)(i) of the Capital Markets and Services Act 2007 (Act 671) (CMSA) and punishable under Section 368(2) of the same Act.

If convicted, Muhammad Hafiz faces imprisonment not exceeding 10 years and shall also be liable to a fine not exceeding RM1 million.

On Tuesday, the SC secured a warrant of arrest for Serba Dinamik Holdings Bhd group managing director and chief executive officer Datuk Dr Mohd Abdul Karim Abdullah, who is currently at large.

Earlier the same day, the regulator charged the group, its director as well as officers for submitting a false statement to Bursa Malaysia Securities Bhd — which is an offence under Section 369(a)(B) of the CMSA — in relation to a revenue figure of RM6.014 billion contained in Serba Dinamik’s financial report for the quarter and year ended Dec 31, 2020.

https://www.theedgemarkets.com/article/sc-charges-serba-dinamik-vp-accounts-and-finance-creating-false-sales