KUALA LUMPUR, April 11  —  Oil-and-gas company Serba Dinamik Holdings Bhd, its CEO Datuk Mohd Abdul Karim Abdullah and three other top executives are expected to be given offers to compound the various offences they have been charged under after the Attorney-General’s Chambers (AGC) accepted representations on the matter.

Malay Mail understands that the AGC made the decision despite objections from the Securities Commission (SC) and Bursa Malaysia.

Four separate Sessions Courts were informed of the conditional acceptance of the representations made by the AGC concerning Serba Dinamik CEO Mohd Abdul Karim Abdullah, executive director Datuk Syed Nazim Syed Faisal, group chief financial officer Azhan Azmi and vice-president of accounts and finance Muhammad Hafiz Othman.

A letter of representation is a letter to the AGC that sets out reasons why they should either not press charges, drop the charges against the accused or seek a particular sentence from the court.

The conditions in their respective letters of representation were not disclosed in today’s court proceedings, but it is understood that all the accused agreed to be compounded in exchange for charges against them to be dropped.

The amount of the compound will also be decided by the SC.

Sources told Malay Mail that both SC and Bursa had argued against the compound offer, pointing out that it would negatively impact the capital markets. 

Representatives from the AGC however argued that the powers with regard to prosecution are contained in Article 145(3) of the Federal Constitution, whereby the Attorney General at his discretion may institute, conduct or discontinue any proceedings for an offence.

Following today’s decision, it is also understood that the SC would be seeking to obtain an order to bar the four accused from being a director, and be involved in the management, whether directly or indirectly, of any public company for an undisclosed term.

As for Bursa, the regulatory body had previously filed an originating summons against Serba Dinamik for breach of listing requirements and failure to disclose the fact finding update (FFU) prepared by EY Consulting Sdn Bhd in its special independent review.

Business paper The Edge reported that four Sessions Courts were informed of the representations this morning.

The newspaper added that each of the Sessions Courts set May 13 as the next mention date for their respective cases. 

An AGC representative confirmed the conditional acceptance of the representations to Malay Mail when contacted.

https://www.malaymail.com/news/malaysia/2022/04/11/serba-dinamik-top-execs-expected-to-get-offers-to-compound-offences-after-a/2052895