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Malaysian businessman Abdul Karim Abdullah, the founder of Serba Dinamik, is now wanted internationally after being placed on an Interpol Red Notice, according to an announcement by Prime Minister Anwar Ibrahim.
The Rise and Fall of Serba Dinamik
At its peak in 2021, Serba Dinamik was one of Malaysia's largest oil and gas engineering companies, reaching a market value of RM6 billion. However, the company faced intense scrutiny when auditor KPMG raised concerns over approximately RM3.5 billion in transactions and receivables.
Following an investigation, the Securities Commission charged Serba Dinamik and several executives over alleged false financial reporting. In 2022, criminal charges were withdrawn after compounds totaling RM16 million were imposed, including a RM3 million personal compound for Karim. The company's share price subsequently collapsed, erasing billions in shareholder value before Serba Dinamik was ultimately delisted.
New Allegations Involving SCIB
Karim is facing fresh legal troubles regarding another publicly listed company, SCIB. The Securities Commission alleged that SCIB submitted false financial information in 2021, leading to an arrest warrant being issued in March.
Prime Minister Anwar confirmed that Karim is now subject to an Interpol Red Notice. Karim has not been convicted of these latest allegations.
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