Serba Dinamik emerged an innocent, redeemed and righteous casualty of war
By Pearlwhite 18th May 2022 8.48AM
It would be an understatement to claim Serba Dinamik emerged victorious from the eye of the storm that perpetuated the unsubstantiated claims of Fraud and Financial Transgressions (FAFT) and the negative publicity that engulfed Serba Dinamik. Nor was it victorious against the incessant unconstructive and imbalanced media onslaught. (Read: The devastation Serba Dinamik suffered due to the abuse of Qualified Privilege that fuelled negative publicity with unsubstantiated allegations - Full)
For Serba Dinamik, there were no victories in the countless battles but a casualty of war. Ripped from Serba Dinamik were its financing facilities that were crucial for it to achieve its once upon a time peak performance and the excellent reputation it once garnered. It is now a shell of its former self.
As envisaged, the evidence against Serba Dinamik were circumstantial as corroborated by the Attorney General’s Chambers (AGC). (Read: AG explains why criminal charges against Serba Dinamik, top execs no longer pursued).
Details as to why the evidence were circumstantial are detailed here (Read: Serba Dinamik’s financials are free of financial transgressions and fraud), (Read: The peculiarities with Securities Commission’s (SC) charge sheet against Serba Dinamik (Part 1)) and (Read: Securities Commission's (SC) uphill task to successfully charge Serba Dinamik (Part 2)).
As a result, the AGC contends that compounds were the preferred method not because Serba Dinamik had a lot of explaining and counter evidence to prove, but the Securities Commission’s (SC) circumstantial evidence is not up to the standard required to press criminal charges. Going by SC’s track record with successful FAFT convictions that took years, it would also be a waste of the Courts time and resources if SC were to rely on circumstantial evidence. If that were the case, one would expect endless re-amendment and re-submission of its evidence.
Unfortunately for Serba Dinamik, the compounds also means that it had to part ways with financial resources that were critical to Serba Dinamik’s operations for something that it was innocent all along.
Moreover, let’s not forget that there were obvious inaccuracies of regulatory information pertaining to Serba Dinamik that outrageously supported the notion that it had indeed committed FAFT (Read: Serba Dinamik hidden nominees and hidden proxy(ies) will reveal themselves) and (Read: Serba Dinamik : Why the Factual Findings Update (FFU) is an embarrassment to Malaysia (Updated)).
Consistently, despite the unsurmountable challenges, Serba Dinamik had continued to and will continue to focus to resolve unsubstantiated claims of FAFT and negative perception. The Factual Findings Update (FFU) is testament that Serba Dinamik is true to its resolve. (Read: How Serba Dinamik overcomes obstacles to come out better and stronger. Its good for the capital markets.) and (Read: Serba Dinamik - A success that was not revealed).
This is corroborated by the AGC that “allow the company to focus on rectifying errors and effecting immediate compliance with regulators such as Bursa Malaysia and the SC as it had clearly done so in the past without fault”.
There will be of course, lessons learnt from this and does not apply solely to Serba Dinamik.
Stakeholders too have to take responsibility and accountability for what had transpired. In Serba Dinamik’s case,
- How would SC investigate unsubstantiated claims of FAFT in the future?
- How would SC use its relationship with the media to present balanced reporting?
- How would Bursa Malaysia (BM) provide up-to-date regulatory information?
- How would Bursa Malaysia (BM) redeem Serba Dinamik for bestowing it the PN17 status?
- What will the financial institutions, who suspended Serba Dinamik’s financing facilities due to negative publicity and unsubstantiated claims of FAFT, do now? Will there be a recourse? After all, if it had not been suspended, Serba Dinamik’s financial woes would not have happened. Financial institutions shot themselves in the foot when it made decisions based off negative publicity.
Despite all the persecution it faced, not only from the financial regulatory bodies, financial institutions, media, investors, general public and the current dissatisfaction towards the AGC’s rational for Serba Dinamik’s compounds, the work to re-earn its credibility continues.
In short, Serba Dinamik has consistently and unrelentingly shown its openness and willingness to resolve the issues put forward since May 2021. That is the priority and Serba Dinamik is moving forward. It is not shackled to its past, nor will it stop for anyone.
The question is, are the stakeholders willing to do so, not only for Serba Dinamik, but for themselves too.
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Serba Dinamik hidden nominees and hidden proxy(ies) will reveal themselves
Serba Dinamik’s miraculous resurgence - A blessing in disguise
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It is not recommend that consultations be made with Certified Financial Analyst, Brokers, Traders and/or MBA/MA Finance Graduates as they are deemed not to have the necessary competency and skills to evaluate and advise on such matters discussed in the article.
