Bursa reprimands, fines 10 Serba Dinamik directors

KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Serba Dinamik Holdings Bhd and 10 of its directors and also imposed fines ranging from RM355,200 to RM1.38 million.

In a statement today, the exchange said the company breached six of its Main Market Listing Requirements (Main LR).

Group managing director/chief executive officer Datuk Mohd Abdul Karim Abdullah and executive director Datuk Syed Nazim Syed Faisal were each fined RM1.38 million.

Non-executive chairman Datuk Abdul Kadier Sahib was fined RM785,400 while Datuk Awang Daud Awang Putera, Datuk Mohamed Ilyas Pakeer Mohamed, Johan Mohamed Ishak, Datuk Seri Mohamed Farid Abu Hassan and Siti Zaleha Sulaiman were fined between RM600,000 and RM710,400.

Noor Azri Noor Azerai and Abu Bakar Uzir were fined RM355,200 and RM360,400, respectively.

"The findings of breaches and imposition of the penalties on Serba Dinamik and its directors were made (according to) paragraph 16.19 of the Main LR on completion of due process and after taking into consideration all facts and circumstances of the matter,” the statement said.

Bursa said it considered the breaches and their impact on the company, shareholders, and investors as well as the roles, responsibilities, knowledge, involvement and conduct, action, and inaction of the directors.

The exchange said there was "a serious dereliction of duties” by the board and also corporate governance failures, particularly in their failure to ensure proper and timely disclosure of material information, market transparency, and compliance with the regulator’s directive.

"Bursa Malaysia Securities will not hesitate to take enforcement actions against culpable directors who fail to discharge their duties (including newly appointed directors and notwithstanding the director’s resignation), and thus, permitted/caused the listed company to commit breaches of the Main LR," it said.

The exchange said it views the contraventions seriously as timely and accurate disclosure of financial statements and material information are fundamental obligations of listed companies and are of paramount importance in ensuring an orderly and fair market, maintaining market integrity and investor confidence.

"It is mandatory for listed companies and their directors to comply with the directive issued by Bursa Malaysia Securities.

"All directors, both executive or non-executive, of listed companies must also ensure compliance of the Main LR and maintain the highest standards of integrity, accountability, corporate governance and responsibility to its shareholders and the investing public," it added. - Bernama

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