Serba Dinamik on track to come out winning

Ç·earlêhite

Publish date: Fri, 18 Feb 2022, 10:08 AM

By Pearlwhite 18^th February 2022 10.08AM

Despite all the challenges faced by Serba Dinamik since 25^th May 2021 when associated with terminologies the likes of “KPMG raised audit issues” and thereafter a myriad of terms like “in the eye of the storm”. Reviewing what had transpired so far, Serba Dinamik is doing very well, quite frankly.

One thing for sure, with approximately RM3.1 billion of raised audit issues by KPMG resolved and with EY “casting doubts”, “raised concerns” and “found anomalies” on RM1.438 billion, which are neither true, false and conclusive, it is a matter of time, that this too will be resolved, just as in the case of KPMG.

That is the track record in Serba Dinamik.

Of course, a particular media company and the Malaysian capital market regulators do not want, in the matter of public interest and maintaining fair and orderly capital market, to be disclosed

the resolved RM3.1 billion;
the errors in opinion that KPMG had made in its assessment;

on top of having

permitted and continue to permit investor shareholding disclosure in-adequacies;
failed to investigate and disclose proxy ownership in Serba Dinamik;
caused Serba Dinamik to be listed as a PN17 company;
at its decision to suspend Serba Dinamik being questioned by and lobbied by a particular media company and Minority Shareholder Watch Group (MSWG) CEO lobbying to revoke the suspension.

It shows “making allegations before substantiation” does not benefit any party. But is it good for market gossip.

However, lessons learned for the particular media company and Malaysia capital market regulators is to continue to have FFU disclosed.

Scope	Issue	KPMG Amount (RM’mil)	Difference (RM’mil)
In relation to Scope 1, in respect of in respect of the highlighted concerns raised by KPMG in the s 320 Report concerning 11 identified customers of the Company, EY, following investigations, casts doubt on the veracity of the transactions with the 11 identified customers. The total sum involving the 9 out of the 11 identified customers are in excess of RM435 million.	The word “cast doubt”.	3,541*	-3,106
In relation to Scope 2, in respect of the highlighted concerns raised by KPMG in the s 320 Report concerning 6 identified local suppliers, EY, following investigations, raised concerns on the veracity of the transactions with the 6 identified local suppliers. The recorded transactions and other amounts are in excess of RM638 million.	The word “raised concerns”.	481*	+157
In relation to Scope 3, in respect of the highlighted concerns raised by KPMG in the s 320 Report concerning the veracity of IT contracts entered into by the Company’s subsidiary, SDIT International Limited, with 6 identified customers and 2 identified suppliers and the inability of KPMG to determine the appropriateness of the contracts / transactions and to ascertain the appropriateness of the revenue and cost recognised, EY, following investigations, found anomalies with respect to the contracts with 5 of the identified customers and 1 of the identified suppliers. In addition, EY in conducting the SIR also found anomalies with respect to other customers and suppliers not identified by KPMG. The total sum involved is in excess of USD 76 million.	The word “found anomalies”.	393**	-RM73
In relation to Scope 4, in respect of the highlighted concerns raised by KPMG in the s 320 Report in relation to 1 identified customer and 1 identified supplier in Bahrain, EY, following investigations, found that the Bahrain customer could be related to the Company and that EY also casts doubt with respect to the veracity of the transactions with the Bahrain supplier. Invoices and delivery orders of the Bahrain customer is in excess of USD 12 million.	The word “cast doubt”.	125*	-RM75
Total : RM1,438 million		4,540 /*	-3,097***

* Source : The Edge Markets - KPMG raised audit issues on transactions involving over RM3 billion, says Serba Dinamik

** Source : The Edge Markets - Cover Story: Serba Dinamik in the eye of the storm

*** Source : First revealed by independent media in

Serba Dinamik - A success that was not revealed

Serba Dinamik is ever so helpful, but the rest refuses to leave Malaysia to finalise the SIR.

Serba Dinamik - Two thirds cleared with one third being finalised. A little more to go.

Serba Dinamik : Why the Factual Findings Update (FFU) is an embarrassment to Malaysia (Updated)

Serba Dinamik hidden nominees and hidden proxy(ies) concealed themselves from view at the AGM

Serba Dinamik hidden nominees and hidden proxy(ies) will reveal themselves

Serba Dinamik’s miraculous resurgence - A blessing in disguise

The battle of the nominees in Serba Dinamik so long as there is no doubt as to the credibility of Bursa Malaysia

Securities Commission's (SC) uphill task to successfully charge Serba Dinamik (Part 2)

The peculiarities with Securities Commission’s (SC) charge sheet against Serba Dinamik (Part 1)

The devastation Serba Dinamik suffered due to the abuse of Qualified Privilege that fuelled negative publicity with unsubstantiated allegations - Full

Serba Dinamik suffers devastation from the abuse of Qualified Privilege that fuelled negative publicity with unsubstantiated allegations - Trailer

Serba Dinamik’s fruits of labour to the truth is getting closer

From the desk of Serba Dinamik’s Shareholders To Theedgemarkets.com - Clarification on the Articles appearing in Theedgemarkets.com Website

Serba Dinamik’s financials are free of financial transgressions and fraud

How Serba Dinamik overcomes obstacles to come out better and stronger. Its good for the capital markets.

Serba Dinamik - A success that was not revealed

Serba Dinamik is given an olive branch and redemption for the regulator?

Serba Dinamik is ever so helpful, but the rest refuses to leave Malaysia to finalise the SIR.

Serba Dinamik - Two thirds cleared with one third being finalised. A little more to go.

The mispresented truth about Serba Dinamik – The mainstream medias' not so great headlines

* In respect of the article, it is recommended that you consult with a Certified Accountant/Chartered Accountant/Chartered Internal Auditor, Chief Financial Officer, Legal Counsel and/or Tax Advisor for advice concerning the article.

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.

Discussions

Be the first to like this. Showing 1 of 1 comments

Huangbk72

As usual spinning stories with no inkling of basic accounting terminologies.

KPMG was saying financial transactions

EY was saying financial impact.

Apples can compare to oranges? LOL

2022-02-18 10:34

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