KPower tumbles 8.51% after SC secured warrant of arrest for Abdul Karim

KPower tumbles 8.51% after SC secured warrant of arrest for Abdul Karim
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KUALA LUMPUR (Dec 29): KPower Bhd fell as much as four sen or 8.51% to 43 sen on Wednesday (Dec 29) morning after the Securities Commission Malaysia (SC) on Tuesday secured a warrant of arrest for Serba Dinamik Holdings Bhd group managing director and chief executive officer Datuk Dr Mohd Abdul Karim Abdullah, who is currently at large.

Mohd Abdul Karim, who earlier resigned as KPower's non-independent non-executive chairman, still held a 15.16% stake in the company as of Wednesday.

At 9.55am, KPower had pared some losses at 44 sen, still down three sen or 6.38%.

The counter saw 1.75 million shares traded.

It was reported on Tuesday that the regulator had charged Serba Dinamik, its director as well as officers for submitting a false statement to Bursa Malaysia Securities Bhd.

The SC also wanted to charge Mohd Abdul Karim, but could not locate him, which led to its application for an arrest warrant.

Mohd Abdul Karim has hogged the limelight since May as Serba Dinamik, which he founded, became embroiled in an audit dispute with KPMG.

KPower had plunged 73.96% from RM1.69 on May 25, when the audit issue was revealed.

Read also:
SC charges Serba Dinamik and officers for submitting false statement to Bursa

SC secures arrest warrant against Serba Dinamik CEO

Surin Murugiah