KUALA LUMPUR: Serba Dinamik Holdings Bhd and ten of its directors have been publicly reprimanded and fined by Bursa Malaysia for violating the conditions of the Bursa Malaysia market listing. 

Total fines levied against the ten Serba Dinamik directors ranged from RM355,200 to RM1.38 million. 

Among the ten directors are Datuk Mohd Abdul Karim Abdullah, the group managing director; Datuk Syed Nazim Syed Faisal, the executive director; and two non-independent non-executive directors, Datuk Abdul Kadier Sahib and Datuk Awang Daud Awang Putera. 

The directors have been fined for their failure to disclose the factual findings update promptly and in compliance with Bursa Malaysia, as well as for their financial reporting and disclosure violations.

"The disclosure breach includes defaults in payment, the disclaimer opinion and practice note 17 (PN17) first announcement, as well as material litigation and winding-up petitions," it said. 

Bursa Malaysia views the above contravention seriously and reminded Serba Dinamik of the company's responsibility to maintain appropriate standards of corporate responsibility and accountability to shareholders and the investing public. 

Bursa Malaysia said the findings of breaches and the imposition of the above penalties on Serba Dinamik and its directors were made pursuant to paragraph 16.19 of the main listing requirements upon completion of due process and after taking into consideration all facts and circumstances of the matter.

"Bursa Malaysia views the contraventions seriously, as timely and accurate disclosure of financial statements and material information are fundamental obligations of listed companies," it added

https://www.nst.com.my/business/corporate/2023/12/993090/bursa-reprimands-and-fines-serba-dinamik-and-10-directors