KUALA LUMPUR, May 6 — The Malaysian Bar said the refusal of Attorney General’s Chambers to prosecute Serba Dinamik Holdings, which left the Securities Commission no recourse beyond issuing compound notices to the listed firm, was a “dangerous precedent” in the country.
“Under Section 375 of CMSA, the Securities Commission can only institute prosecution proceedings with the written consent of the AGC. Similarly, under section 373 of CMSA, the SC requires the written consent of the AGC to issue a compound. The Malaysian Bar is mindful of the immense authority wielded by the attorney general. Such powers are granted under Article 145 of the Federal Constitution, which provides the attorney general with the discretion to institute any proceedings for an offence.
He lamented the handling of the case involving Serba Dinamik, saying it undermined the capital market regulators’ commendable efforts to uphold the integrity of the market. Last year, Serba Dinamik and three of its executives were charged at the Sessions Court with allegedly furnishing false financial statements to Bursa Malaysia.
However, they were compounded by the SC on April 13 for submitting a false statement about its RM6.01 billion revenue for its financial period ended December 31, 2020.Following that, on April 27 the SC granted CEO Datuk Mohd Abdul Karim Abdullah and three other top executives an extension of two weeks to compound their offences.
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