The mispresented truth about Serba Dinamik – The mainstream medias' not so great headlines
16th November 2021 8:31 PM (Updated 17th November 2021 12:02 PM)
The press/media has been acting up lately. What is surprising is that with so much negativity and revelations to audit issues to missed coupon payments which are hot off the press in lighting speed for the last 5 months, something has changed since last week. Never before the tone of the media been like this for Serba Dinamik.
Just as an example, it beggars belief that TheEdge reports on 16th November 2021,
Serba Dinamik develops algorithm to identify Covid-19 through cough
While this may be a positive news for Malaysia, why report this from a company that supposedly has governance and coupon payment issues? Begs to wonder. Even the investment community were quick to put this into the furnace as utter irrelevance to the issues at hand.
And what is more interesting is the TheEdge article on 13th November 2021,
More questions raised after Serba Dinamik's lawsuit against special independent reviewer EY
provided a balance view on the issues at hand. Never before have I read a single piece of news from TheEdge that considers various issues from different perspectives. Its usually a piece that puts Serba Dinamik in bad light. This article was indirectly implying that "we have to study the details from every angle and come to a reasonable and fair conclusion for all parties".
But the most crucial stunner of them all is this, MSWG's CEO decides to use FocusMalaysia to air his personal opinion on 13th November 2021.
The Serba Dinamik saga: When things come to a head
What is striking about this is a complete lack of decisive opinion from the writer. This is very unusual, since all opinions from the writer historically has always been accompanied with some highlights of issue and actions to be taken to resolve them quickly.
"MSWG is not aware of the contents of the ‘Factual Finding Update’ and as such is unable to opine on the materiality of the findings."
Shouldn't MSWG be the one to issue a statement?
The change in media tone is apparent and there are some dead giveaways as to what is really happening behind the scenes. Writing styles do tell lies.
For one, while MSWG is not aware of the contents ‘Factual Finding Update’, that doesn't mean that MSWG's CEO isn't. His use of syntax strongly suggest that he has read and understood its contents.
For two, TheEdge's writer and/or their interviewed sources may have read and understood its contents as they questioned the legitimacy of the appointment rather than the ‘Factual Finding Update. If it was illegitimate, such findings are null and void and assumed in-complete in the end.
Key Take Away
What this means, outside the realms of the meeting, 3rd parties have read and understood the contents of the ‘Factual Finding Update'.
It also means that many of the media have been misinformed as to the actual severity of the issue and perpetuated falsehoods. Who can corroborate this?
“Directors, independent ED’s and the audit committee need to be dynamic in looking into this, as well as other aspects of the firm. The ongoing business of the company has more importance than the audit issues themselves,”.
Serba Dinamik presses on despite suspension of trading on Bursa Malaysia
The Independent Directors' of Serba Dinamik seem to think so.
Note : This is another falsehood being expunged. The ultimate regulator is Securities Commission Malaysia. They have the ultimate power and makes the final decision.
End the standoff: Serba Dinamik should make EY review public to prove it has nothing to hide
We say this to Serba Dinamik: If the information contained in the EY Consulting review is not “material”, meaning it is not significant, why don’t you just release them to prove that you are right and that KPMG, EY Consulting and Bursa are wrong? Wouldn’t it be very satisfying to show that you have nothing to hide?
To Bursa, we say this: If Serba Dinamik refuses to release the information, the exchange should lift the suspension in the trading of Serba Dinamik shares and warrants to let the market be the judge of what it thinks about this fiasco.
Don’t be held to ransom. You are the regulator.
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