Applying the Fraud Hexagon Framework to Serba Dinamik Berhad: A Corporate Governance Perspective

Author(s)	Dr. Mudzamir Mohamed, Dr. Shahifol Arbi Ismail
Country	Malaysia
Abstract	Corporate fraud continues to undermine investor confidence and governance structures worldwide. While the Fraud Triangle has long provided a foundation for understanding fraud, recent scholarship has expanded the model into the Fraud Hexagon, incorporating six dimensions: pressure, opportunity, rationalization, capability, arrogance, and collusion. This paper applies the Fraud Hexagon to the case of Serba Dinamik Berhad, a Malaysian oil and gas services company embroiled in one of the country’s most significant corporate scandals. Using a qualitative case study approach, the analysis demonstrates how systemic governance failures, executive arrogance, and collusion amplified fraud risks. The findings highlight the importance of auditor independence, board oversight, and regulatory enforcement in emerging markets.
Keywords	Fraud Hexagon, Serba Dinamik , Fraud Triangle, Corporate Governance
Field	Sociology > Banking / Finance
Published In	Volume 16, Issue 4, October-December 2025
Published On	2025-12-14
DOI	https://doi.org/10.71097/IJSAT.v16.i4.9874
Short DOI	https://doi.org/hbf823

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