Serba Dinamik’s miraculous resurgence - A blessing in disguise

By Pearlwhite 14^th January 2022 8.12PM

All because of misinformation rhetoric and unsubstantiated claims, the capital market regulators have failed not only to safeguard the investment community but also exterminates the corporations that compose Bursa Malaysia.  Here is why this is so.

Questions have arisen as to why Serba Dinamik's top 10 investors, which were reported by the media and in various trusted financial platforms, as not held by Malaysian government agencies and pension funds, end up being so.

The issue of the top 10 investors may be a trivial matter to the uninitiated, but it has material consequences.  The crux of the issue now is, is information reported by the media and in various trusted financial platforms about Serba Dinamik reliable?  Because if it isn't, it is misinformation rhetoric and unsubstantiated claims.

The details of depositors of Serba Dinamik are managed via the Central Depository System, a system that is fully owned and operated by Bursa Malaysia Depository Sdn Bhd, a wholly owned subsidiary of Bursa Malaysia Berhad. 

In an emailed request of confirmation to Bursa Market Place, a division within Bursa Malaysia Securities Berhad which is sanctioned and approved for providing credible and reliable sources of financial information, it vigorously maintains the accuracy and completeness in its list of top 10 investors in Serba Dinamik (see below) as correct.

Source : Bursa Market Place (https://www.bursamarketplace.com)

When the details of depositors are confirmed by the entity that regulates and manages them, there is no doubt as to the authenticity of the list, even if other trusted third-party sources of information proves otherwise.

In other words, any doubt to the accuracy and completeness of Bursa Market Place's information is to doubt the credibility of the capital market regulators.

This confirmation from Bursa Market Place has great ramifications to the on-going Serba Dinamik Special Independent Review (SIR) saga.

1. Scepticism at unsubstantiated claims of Serba Dinamik's shares being fully disposed by the Malaysian government agencies and pension funds

The continuing misinformation rhetoric has for the past 7 months been Serba Dinamik's shares had been fully disposed by the Malaysian government agencies and pension funds.

2. Scepticism at the reports about Serba Dinamik from a particular media company and mainstream media in general on the SIR

For the past 7 months, we witnessed the misrepresentation of actual facts and developments of the SIR from being reported through selective framing of titles and highlighting of issues with inconsistent and questionable facts.  This has always been a game of perception, a trial by social media to decide the direction of companies and dictates how the capital market should function.

3. Scepticism at the contempt from the public and investment community in general on Serba Dinamik of Fraud and Financial Transgressions (FAFT)

Serba Dinamik had endured the endless cycle of

• Spreading of misinformation for contempt for Serba Dinamik
• A myriad of unsubstantiated allegations of FAFT on Serba Dinamik
• Insinuation that the Board and Management of Serba Dinamik were deceptive, malicious and were due for incarceration
• Insinuation that Serba Dinamik will not continue as a going concern
• Seeking to harm, intimidate, or coerce those who wish to engage to eliminate confusion and/or seek clarity and
• Seeking to harm, intimidate, or coerce those who wish to those who provided facts, reason, methods and evidence contrary to unsubstantiated allegations of FAFT. 

not because of evidence but at being indignant (outraged) at Serba Dinamik in discussion boards, forums, responses in social media and trending #hashtags.

Now with confirmation evidence from Bursa Market Place, what do those who perpetuate 1 -3 have to say?

The challenge to the Bursa Malaysia, the media and the public and investment community having contempt for Serba Dinamik

1. To Bursa Malaysia: If indeed the information contained in Bursa Market Place on the top 10 investors of Serba Dinamik is correct, why not make a statement of its accuracy to the public and prove that it is correct?  Otherwise, the perpetuation various of misinformation rhetoric of Serba Dinamik would continue.  Or does Bursa Malaysia wish it to perpetuate?

2. To the media, general public and investment community having contempt for Serba Dinamik : To substantiate your proof of FAFT on Serba Dinamik and that you have nothing to hide, please make public the confirmations from Bursa Malaysia on the accuracy of the information contained in Bursa Market Place on the top 10 investors of Serba Dinamik.  Otherwise, the credibility of your revelations, past and future, will be disregarded as continued misinformation rhetoric and unsubstantiated claims of FAFT.

The challenge to the financial institutions and rating agencies that declined continued support for Serba Dinamik due to negative publicity – extend recourse to Serba Dinamik

Serba Dinamik’s CEO Dato’ Karim had opined that financial institutions had ceased banking facilities because of negative publicity.  These facilities amounted to nearly RM3 billion.  Such facilities were essential for day-to-day operations of Serba Dinamik, executing client and new client contractual obligations and financial obligations (Serba Dinamik to fail to meet its bi-annual interest payment to its bondholders in November 2021).

On the other hand, rating agencies for Serba Dinamik’s bond had also downgraded the ratings of Serba Dinamik’s bonds twice because of negative publicity and due to its failure to meet its bi-annual interest payment, further resulted in additional downgrading of its bond rating.

1. To the financial institutions : If indeed the information contained in Bursa Market Place on the top 10 investors of Serba Dinamik is correct, consider re-instating its banking facilities as the initial decision to cease banking facilities based off misinformation rhetoric and negative publicity was made in poor judgement.

2. To the rating agencies : If indeed the information contained in Bursa Market Place on the top 10 investors of Serba Dinamik is correct, consider reviewing Serba Dinamik’s bond ratings with a provisional rating subject to banking facilities re-instated at a later to be determined date.

Accept the challenge and remedy the situation and put things right for the sake of the investment community and Serba Dinamik.

If the abovementioned parties to the challenge remain silent or provide no evidence to the contrary, then you have to remedy the situation and put things right on your own, for the sake of the investment community and Serba Dinamik.  When Malaysian government agencies and pension funds continue to hold stakes in Serba Dinamik when they have stated that they would not, one has to question why this discrepancy exist.  More than meets the eye perhaps?

Please decide with extreme care the decisions you are about to make in the upcoming Annual General Meeting (AGM).  Caveat Emptor.

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It is not recommend that consultations be made with Certified Financial Analyst, Brokers, Traders and/or MBA/MA Finance Graduates as they are deemed not to have the necessary competency and skills to evaluate and advise on such matters discussed in the article.