SERBA Dinamik Holdings Bhd chairman Datuk Illyas Pakeer Mohamed and independent non-executive director (INED) Johan Mohamed Ishak have stepped down from the company’s board with immediate effect.
Both Illyas and Johan were appointed as INEDs of the integrated oil & gas (O&G) service provider on June 18.
In their resignation letters dated Nov 22 to the board of the integrated oil & gas (O&G) service provider, the duo stated that the requirements imposed by Bursa Malaysia on Serba Dinamik have prohibited them from fairly discharging their duties as independent directors of the company.
As such, they were unable to fulfil their responsibilities to the company, its shareholders and the overall fairness of their independent directors’ role in the Malaysian capital market.
“Adhering to the requirements imposed by Bursa Malaysia would put both of them in an untenable position, contradictory to the said responsibilities above mentioned, as it necessitates, in their opinion, premature and unfair actions due to the incomplete special independent review by Ernst & Young that is still on-going and thus inconclusive,” Serba Dinamik pointed out in a stock exchange filing.
The company further thanked both Illyas and Johan for their outstanding service, dedication and contribution during their five-month tenure.
“By all measures, Serba Dinamik has seen remarkable improvement on their watch which strengthens the confidence of our investors and partners alike, increasing our performance and building a growing business models as well as maintaining great relationships inside and outside the organisation,” it pointed out.
“The board of directors of Serba Dinamik will identify the new independent directors and will make the announcements accordingly.”
Following Illyas’ resignation, Datuk Seri Mohamed Farid Abu Hassan – one of the two remaining INEDs besides Siti Zaleha Sulaiman – will assume the company’s chairmanship.
Illyas would be best remembered for his fiery remark aimed at Serba Dinamik’s former external auditor KPMG PLT whereby he likened the latter’s accounting or auditing standard to that of a “shoplot auditor”
Illyas made that remark during his maiden appearance following Serba Dinamik’s decision to file a civil claim against KPMG for substantial damages inflicted on its share price and market capitalisation.
Serba Dinamik was last transacted at 35 sen at the close of the mid-day trading on Oct 22 prior to the trading suspension of its shares/warrants, hence giving the company a market capitalisation of RM1.31 bil. – Nov 24, 2021
