Serba Dinamik reshuffles board to meet Bursa requirements

KUALA LUMPUR: Serba Dinamik Holdings Bhd has announced the resignation of its chairman and independent director to comply with Bursa Malaysia Securities Berhad’s requirements. Meanwhile, another current independent director has been promoted to chairman.

In separate filings to Bursa Malaysia today, Serba Dinamik said Mohamed Farid Abu Hassan has been appointed as its new chairman to replace Mohamed Ilyas Pakeer Mohamed, who had resigned.

The company added that its independent director, Johan Mohamed Ishak, had also resigned from his position.

“The requirements imposed by Bursa Malaysia on Serba Dinamik have prohibited Mohamed Ilyas and Johan from fairly discharging their duties as independent directors of the company vis-a-vis an independent director’s responsibilities to the company, its shareholders and the overall fairness of independent director’s role in the Malaysian capital market.

“Adhering to the requirements imposed by Bursa Malaysia would put them in an untenable position, contradictory to the said responsibilities mentioned above, as it necessitates, in their opinion, premature and unfair actions due to the incomplete Special Independent Review by Ernst & Young Consulting Sdn Bhd that is still ongoing and thus inconclusive,” said Serba Dinamik.

Bursa Malaysia recently filed an originating summons in the High Court here against Serba Dinamik, compelling it to disclose the material findings of the factual findings update as at Sept 30, made by Ernst & Young Consulting, which had been appointed to independently assess the veracity and accuracy of matters highlighted by Serba Dinamik’s then statutory auditor, KPMG. — Free Malaysia Today