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Author: acinanatucer   |   Latest post: Wed, 28 Jul 2021, 11:24 AM

 

'We have done nothing wrong,' says Serba Dinamik MD Abdul Karim

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Serba Dinamik Holdings Bhd “has done nothing wrong”, said its group managing director and chief executive officer (CEO) Datuk Dr Mohd Abdul Karim Abdullah today in clarifying the company's audit issues recently raised by its external auditor KPMG.

The company has described KPMG as acting in an “unfair” and “peculiar” manner for going straight to the company’s independent directors to address the audit issues — instead of briefing the management first.

Furthemore, the management blamed KPMG for delaying the completion of the statutory audit, which resulted in Serba Dinamik missing the audit deadline.

“The Securities Commission [Malaysia] has their rights; Bursa Malaysia has their rights [to investigate]. Based on what we believe, we have done nothing wrong,” said Abdul Karim, who is also the single largest shareholder holding a 26.93% stake in the company, at a virtual press conference today.

He stressed that the audit issues raised by KPMG are not about genuity and it isn’t about legitimacy of contract value. 

“We are firm in the facts that we have put forward, and we strongly believe the independent firm will come out with the findings to see the differences between what we have said and what KPMG has [pointed] out,” he added.

“Based on the sequence of events, it is something that is very peculiar and abnormal.

“When these issues were found, the management by right should be the party that was addressed first. But it did not happen that way. The external auditor went to the independent directors and briefed the independent directors on the matter.

“Independent directors are not involved in day-to-day operations. They will not be able to explain those findings raised … it came to us only on May 3 towards the tail end of the year-end audit closing period,” Abdul Karim said.

KPMG first raised the issues to Serba Dinamik’s independent directors in mid-April, before the board was alerted on May 3, after which the company responded to the queries on May 6.

The virtual press conference today was conducted a day after Serba Dinamik’s second largest shareholder, Datuk Abdul Kadier Sahib, issued a notice to propose the removal of KPMG as its external auditor. Kadier, holding a 15.96% stake, is also the company’s non-independent non-executive director.

When asked whether he supports the proposal, Abdul Karim said: “It is still a decision that I will put in a vote on the day it comes.”

During the one-hour session, reporters were not allowed to raise questions directly to Abdul Karim. The media were requested to type in their questions into a chat box. Only selected questions were picked up during the press conference.

The press conference was for the host to explain further its decision to conduct a special independent review of its financial accounts after its board of directors was informed by KPMG on some matters pertaining to the statutory audit.

The company expects the voluntary suspension on its shares to be lifted on Monday. The counter last closed at RM1.61, valuing the group at RM6 billion.

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Labels: SERBADK

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Chart Stock Name Last Change Volume 
SERBADK 0.42 0.00 (0.00%) 17,597,500 

  2 people like this.
 
Edwardong53 Don't understand how KPMG can be unfair to Serba when it is Serba who is unable to furnish or provide the auditors with the evidence and documents. Why Serba Mgmt cannot produce the evidence and documents; and then blame KPMG ? At least KPMG has the guts to discharge its responsibility and duties as "TRUE" auditors; and not like other auditing companies which "chicken out" and disengagement their relationship with lame excuses like "lack of human resources" The public and minority shareholders of Serba should give their "Thumb Up" and "Gratitude" to KPMG
11/06/2021 4:18 PM
Stockisnotfun This MD is like Najib liao. Face so thick. Why change auditor? KPMG has served your company for so long. They didn't trust KPMG work? When KPMG raise issue then only want to change? No issue then they don't change? I only believe the first action done by MD speak the truth.
11/06/2021 4:46 PM
Supermax2020 https://www.marketwatch.com/story/the-kpmg-cheating-scandal-was-much-more-widespread-than-originally-thought-2019-06-18
11/06/2021 4:49 PM
nuilam hali kpmg must pay the 3 billion loss to all the share holders
11/06/2021 11:55 PM
2021money AsK lawyer to sue,Dont talk only do nothing.
12/06/2021 7:52 AM
henry888 Going complexities now, more down to come, opportunities to buy.
12/06/2021 8:11 AM
stockraider When come to recovery play insas will be the best mah...!!

Its Nta is rm 2.96 per share loh!

Its intrinsic value when inclusive of inari mark to market gain exceed rm 5.00 per share mah...!!

Insas has a net cash exceeding Rm 0.90 per share woh!

When comes to earnings based on half year result insas profits is already rm 218m or eps 33 sen loh!

It is anticipated insas can hit eps of 40 sen per share giving pe of 2.1x mah!!

Thus insas is a stock which have both strong earnings of eps of 40 sen & back up with very strong intrinsic share value of exceeding Rm 5.00 per share compare with the huge discounted share price of rm 0.86 per share loh!

Thus INSAS IS A SCREAMING BUY loh which u should not missed mah!

JUST jump in b4 too late loh!

The opportunity is now when insas is still wonderfully undervalue mah..!!

The 1st step u must find out got:

1. Got margin of safety factor
2. Got strong Balance sheet factor
3. Got big cash factor
4. Got reasonable div factor
5. Positive earnings factor

That means got 'R 'factor can buy or sailang loh...!!

Insas hathaway is the best ' R ' factor stock 2021.

Don missed this opportunity loh

In Insas is the beginning of new accumulation stage loh!!

Once accumulation has got sufficient of this stock, it will be ramped out the stock price loh!

Buyers of insas will be safest to enter at this cheap price of 86 sen to 89 sen entry level loh....!!

Unlike konman MIKE who ask u to buy PA Rsources at 60 sen (when placement at less than 5 sen } General Raider genuinely ask u to buy INSAS when really cheap & safe loh.....!
12/06/2021 9:45 AM
Bgt 9963 Good morning...!
12/06/2021 9:56 AM
stockraider Post removed. Why?
12/06/2021 10:04 AM
arv18 "During the one-hour session, reporters were not allowed to raise questions directly to Abdul Karim. The media were requested to type in their questions into a chat box. Only selected questions were picked up during the press conference."

GAME OVER MAN. Game Over!

1MDB 2.0
12/06/2021 11:54 AM
ytk666 last time 1MDB ceo also said nothing wrong with the company.
12/06/2021 12:57 PM
bahai4453 Someone is trying to promote Insas here as he is holding some shares there.
Their remarks and comments here are trying to kill Serbadk as he have no shares here. .Black-hearted people and like to see others suffered and dead ! sadist
If Serbadk is in faults and share prices tumbled, who will suffer? Of course the shares holders here. Or they're trying to collect cheaper shares here. .....lol.
What I understand here is that they're are just guessing around and not involved here. Are they SB or KPMG top management staff? .....lol.
12/06/2021 3:43 PM
shpg22 We know u have done nothing wrong. Najib also say that...No worry.
We are here to correct it.
12/06/2021 3:54 PM
PATIKAYA Correct 3
12/06/2021 5:12 PM
Zuliana Mana ada pencuri kata dirinya ialah pencuri.
12/06/2021 7:50 PM
AlsvinChangan Jho Low said he done Nothing Wrong
12/06/2021 7:58 PM
brian3381 Yup. No one wil said they r wrong. All bloody hell
12/06/2021 8:09 PM
DickyMe Doubtful character, resembles underworld member.
12/06/2021 8:45 PM
stockraider Ahfah & Ahmoi...the vegetables sellers in Pudu Market also know Serba is going towards bankruptcy, except this silly buggers firehawk & bahai loh!

Posted by firehawk > Jun 12, 2021 8:49 PM | Report Abuse

Posted by bahai4453 > Jun 12, 2021 3:43 PM | Report Abuse

Someone is trying to promote Insas here as he is holding some shares there.
Their remarks and comments here are trying to kill Serbadk as he have no shares here. .Black-hearted people and like to see others suffered and dead ! sadist
If Serbadk is in faults and share prices tumbled, who will suffer? Of course the shares holders here. Or they're trying to collect cheaper shares here. .....lol.
What I understand here is that they're are just guessing around and not involved here. Are they SB or KPMG top management staff? .....lol.

-----------------------

make posting lengthy to waste the space and resource of the forum , see i4 forum abused by this nasty thing frequently :-(
12/06/2021 9:22 PM
stockraider Remember if u r still holding on serba, u would have suffered huge losses & one of the way to recover is quickly switch to Insas & insas-wc loh!


Very Important :Please evaluate very carefully loh!!

When come to recovery play insas will be the best mah...!!

Its Nta is rm 2.96 per share loh!

Its intrinsic value when inclusive of inari mark to market gain exceed rm 5.00 per share mah...!!

Insas has a net cash exceeding Rm 0.90 per share woh!

When comes to earnings based on half year result insas profits is already rm 218m or eps 33 sen loh!

It is anticipated insas can hit eps of 40 sen per share giving pe of 2.1x mah!!

Thus insas is a stock which have both strong earnings of eps of 40 sen & back up with very strong intrinsic share value of exceeding Rm 5.00 per share compare with the huge discounted share price of rm 0.86 per share loh!

Thus INSAS IS A SCREAMING BUY loh which u should not missed mah!

JUST jump in b4 too late loh!

The opportunity is now when insas is still wonderfully undervalue mah..!!

The 1st step u must find out got:

1. Got margin of safety factor
2. Got strong Balance sheet factor
3. Got big cash factor
4. Got reasonable div factor
5. Positive earnings factor

That means got 'R 'factor can buy or sailang loh...!!

Insas hathaway is the best ' R ' factor stock 2021.

Don missed this opportunity loh

In Insas is the beginning of new accumulation stage loh!!

Once accumulation has got sufficient of this stock, it will be ramped out the stock price loh!

Buyers of insas will be safest to enter at this cheap price of 86 sen to 89 sen entry level loh....!!

Unlike konman MIKE who ask u to buy PA Rsources at 60 sen (when placement at less than 5 sen } General Raider genuinely ask u to buy INSAS when really cheap & safe loh.....!
12/06/2021 9:30 PM
stockraider Listen to Sifu Probability lah!

Run b4 too late mah!


Posted by probability > Jun 12, 2021 11:59 AM | Report Abuse

audit serba yourself, dont wait for independent results
.........................................................

a deep look into the below info and determining the revenue based on real quantity of service engineers SD has will reveal how low it can go

at real revenue of 100m max per qtr , serba shd be trading less than 10 cents with such huge outstanding shares

If am awang, every day is a ticking bomb warning me to sell asap

Karim not selling coz, if he is caught he cant do anything with the money anyway but place back to the company


Posted by Windy1974 > Jun 11, 2021 5:13 PM | Report Abuse

Dayang rate for technicians RM100-RM200. Engineer RM300-400. Even 1000pax everyday you count la.
BTW, i am from O&G and i would like to think that O&G Malaysia is the most transparent industry. The days where you can be most expensive and win jobs are things in the 80s and 90s.
12/06/2021 9:46 PM
The Captain karim faker
12/06/2021 9:48 PM
ahbah Mani players oredi pengsan !!!
12/06/2021 9:52 PM
firehawk Posted by bahai4453 > Jun 12, 2021 3:43 PM | Report Abuse

Someone is trying to promote Insas here as he is holding some shares there.
Their remarks and comments here are trying to kill Serbadk as he have no shares here. .Black-hearted people and like to see others suffered and dead ! sadist
If Serbadk is in faults and share prices tumbled, who will suffer? Of course the shares holders here. Or they're trying to collect cheaper shares here. .....lol.
What I understand here is that they're are just guessing around and not involved here. Are they SB or KPMG top management staff? .....lol.

-------------------------------

that low life always act unreasonably and without shameful feeling, i think many i3 members know ... :D :D
13/06/2021 2:07 AM
stockraider U see b4 Enron, Transmile and Hyflux issue had not blown out ,everybody agree will still agree the major shareholders and Ceo are capable & great like genius mah!

That is the problem, when the share price keep going up, everybody will ignore the inherent weaknesses & keep discounting the high debt & the operational risk as nothing mah!

Thus people should recognise the early warning sign of exceptional high debts as one of the potential disaster plus the relentless expansion of the company using debts, with no regards to the risk of weakened balance sheet bcos of the very high debts.

Therefore people should also always be very careful on similar company like Yinson as highlighted by sifu calvin on the potential risk, generally the the public will always feel willy nilly & complacent, when share price holdings up & when the business is showing growth loh..!

Remember to ask like warren buffet "what is the quality of earnings loh?"
Pls Quietly leave party early the party, when everybody are very excited mah!

Posted by Sslee > Jun 13, 2021 11:09 AM | Report Abuse

wkc5657 Philip, after spending a few hours last weekend on the rough overview of scib, kpower, and serba dinamik, i gained some sense of your bullishness towards them. Your view is proven very right by your return on all these 3 counters, especially scib and kpower.

Just some rough thoughts, i didn't go deep detail and industry understanding to your level :
1) Karim is genuinely one of the rare role models of bumiputra business leader, more like syed mokhtar + ytl + ananda krishnan combined, with a hint of steroids. Really respect his ability in undertaking such complex operations and business deals and continue to grow serba's revenue and maintaining the margins. I read your article on your reasonings in investing into serba/scib/kpower 3 times over the period of 2 months, truly like you say, if Karim is non bumi (and maybe a less BM company name like Omni Dynamics?), there is less racial bias discount and probably a premium for company leader like this. I don't even think Tim Cook of apple can handle a company like serba dinamik.
2) judging by the turnaround of scib and kpower, the ability/connection of Karim and gang to win+inject contracts is bearing fruit. His management experience in serba dinamik really put into overdrive for the turnaround of 2 counters, a good showcase of Karim's deep abilities/connections.
3) 1 real surprise is their vendor acquisition transparency. For most big listed companies, to be their vendor, either they come to you, you have to market very hard to give your proposal, or you have connections. However for serba/scib/kpower, as long as you have the valid documentations, you can register through their website. A very good example for many companies actually.
4) i think serba dinamik have a 50% chance of requiring another private placement if the knock on effects of the current abu dhabi deals bring in more future contracts in the middle east.
13/06/2021 11:42 AM
birkincollector well.....if nothing wrong....other big insiders like EPF, KWAP, Awang won't sell cheap in open market now...
13/06/2021 12:58 PM
Zuliana EPF, KWAP, Awang won't sell cheap in open market now???
No, they know the true value is below 60sen. That’s they happy to sell now.
14/06/2021 12:04 AM
r2d288 sell at 0.60 than buy back at 0.30 still can make money?
14/06/2021 1:07 AM
CANON911 lol what u talking about. awang sold his share due to technicalities lah over margin calls. not like intentionally dispose.. u do know that epf still have huge chunk of shares in serba right? they just sold merely 0.1% of their hundred millions of shares.. dont overthink everythingg zzz


birkincollector well.....if nothing wrong....other big insiders like EPF, KWAP, Awang won't sell cheap in open market now...
13/06/2021 12:58 PM
14/06/2021 9:36 AM
Mikesinoda283 Zuliana if what you say is true. EPF have already sold their 367million shares if the true value is 60sen. why bother holding on to your hundred millions of shares if you dont share the opinion that the price will rebounce back soon. Even Awang oso still have 70mill shares in serba.
14/06/2021 9:59 AM
stockfreak This is what rapists and thieves say all the time in front of police.
14/06/2021 6:50 PM
thor85 Karim, Awang and Kadir will not run and hide like jho low. I believe in there of them.
14/06/2021 9:24 PM


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