GOLDEN RULES
SERBA : Does KPMG detect a fraud (Manipulation & Falsification) in Serba Dinamik?
Issues raised by KPMG: (Certain customers’ confirmation relating to sales transactions, trade receivables and material on site balances)
KPMG had sent out confirmations on the aforesaid balance where only 1 reply out of
12 customers was received by KPMG.
- In order to hasten the process, the Company had subsequently sent a second confirmation to the remaining 11 customers with same amount as in our first confirmation to the relevant debtors of which all have replied.
- Based on the meeting dated 3 May 2021, KPMG has yet to test the completeness and
- is not able to verify the authenticity of the confirmations identified nor validate the person signing the confirmation.
In respect to the 11 confirmations received which KPMG as stated above accounted for
total sales transactions of RM2.32 billion (Nearly 2 quarter revenue) , trade receivables balance of RM652 million
and materials on site balance of RM569 millions.
Issues raised by KPMG: (Certain transactions on purchases and trade payables balances on local supplier)
- 2 local suppliers were incorporated on the same day
- 4 local suppliers were found to have the same registered address as the 2 local
suppliers above
- 5 suppliers out of the 6 suppliers were noted to have paid-up capital of RM100,000
each where each supplier is owned by an individual shareholder despite having
transactions which ranges between RM60 million to RM96 million.
MACC should look it to its contract (if any), how come the suppliers with RM 100K paid-up capital could be the main supplier of the company ? what is the criteria for selecting a supplier? does it involve corruption on Serba Dinamik's officers ?
Pursuat to Sec 277 (3) of the Companies act 2016 - The auditor may make a representation in writing
KPMG Shall make the statement, whether alternative test have been done ? does it sufficient to make the conclusion the financial statement are free from material mistatement? if there is possible of cooking the book, Please do not hesitate to report to relevant authority.
Bursa & SC will play important role on this, if found the company cook it financial statement, heavy penalty should be imposed on the officer!
We hereby request EPF & KWAP vote against REMOVE AUDITOR -KPGM
We as a EPF member, we deserve a truth !!!
Regards,
EPF Member
If you are a EPF contributor, write a comment below to support EPF to vote against REMOVE AUDITOR -KPGM
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2 people like this. Showing 16 of 16 comments
A certified auditor never goes wrong, they're the experts in auditor firm for a decade.
2021-06-01 07:06
When i first discovered Serba afew months ago, i realized that this company sounds too good to be true in its contracts awarded and the amount was huge for a relatively unknown company until IB and analysts wrote how good it is. Now i hope the true color will show.
2021-06-01 15:48
31/05/2021 1.13 1.39 +0.26 (23.01%) HOLD PUBLIC BANK Price Target News
31/05/2021 1.13 1.30 +0.17 (15.04%) SELL MalaccaSecurities Price Target News
31/05/2021 1.13 1.26 +0.13 (11.50%) SELL AmInvest Price Target News
27/05/2021 1.61 2.37 +0.76 (47.20%) BUY PUBLIC BANK Price Target News
27/05/2021 1.61 0.95 -0.66 (40.99%) SELL KENANGA Price Target News
27/05/2021 1.61 1.45 -0.16 (9.94%) HOLD HLG
2021-06-01 17:41
I dont care who the project or maincon they sub to. As long as they declare they had recevied the money like they did 90% recevied. Then what to worry.
Money is there!!
1MDB is different story. The money is not there.
Not only malaysia, almost all the business around the world doing business like this. Project award not really based on tender, all table money. Even Petrxxxx in malaysia
2021-06-01 20:39
KPMG very reputable, will not risk its reputation if there's no 'hanky panky' business behind. Should also audit government quarters and ministry.
2021-06-02 08:15
bearguy I dont care who the project or maincon they sub to. As long as they declare they had recevied the money like they did 90% recevied. Then what to worry.
Money is there!!
1MDB is different story. The money is not there.
Not only malaysia, almost all the business around the world doing business like this. Project award not really based on tender, all table money. Even Petrxxxx in malaysia
01/06/2021 8:39 PM
Calvin replies:
NO MONEY RECEIVED LAH
MONEY (RM1.865 BILLIONS JUST IOU RECEIVABLES)
MONEY ACTUALLY CAME FROM EXTRA BANK LOANS (RM188 MILLIONS)
MONEY FROM PRIVATE PLACEMENT AT RM1.49
TOTAL BANK LOAN NOW A WHOPPING RM3.1 BILLIONS
ONLY SPEND & BURNT CASH
NO REAL CASH FROM EARNINGS
ALL RECEIVABLES NOW SUSPECT LIKE MEGAN MEDIA
THE MEDIA SHOULD GO TAKE PHOTOS OF ALL THE OFFICES/COMPANIES WHICH SERBA IS DEALING WITH ALL THIS TIME
ARE THEY REAL OR FICTITIOUS
LAST TIME MEGAN MEDIA BOASTED HIGH PROFITS FROM BLUE RAY DISC
LOTS OF PROFITS (RECEIVABLES)
IN THE VERY END OF END GAME ONLY THEY FOUND OUT
ALL IOU (RECEIVABLES) WERE FAKE
BLUE RAY DISC FACTORY NON EXISTENT
ADDRESS ALSO FAKE. POSTMAN ALSO CANNOT FIND
INVESTIGATIONS MUST BE DILIGENT AND THOROUGH TO FIND THE TRUTH
WHEN TRUTH SURFACE ALL WILL KNOW
2021-06-02 11:03
speakup 31/05/2021 1.13 1.39 +0.26 (23.01%) HOLD PUBLIC BANK Price Target News
27/05/2021 1.61 2.37 +0.76 (47.20%) BUY PUBLIC BANK Price Target News
some of PBB investment funds hold more than 1 percent of SERBA . they need the greater fools to buy the stock.
2021-06-02 12:58
SERBA, KPOWER & SCIB ACCOUNTS LOOK LIKE BEING COOKED AND MANIPULATED , Calvin Tan Research
https://klse.i3investor.com/blogs/www.eaglevisioninvest.com/2021-06-03-story-h1566043478-SERBA_KPOWER_SCIB_ACCOUNTS_LOOK_LIKE_BEING_COOKED_AND_MANIPULATED_Calvi.jsp
2021-06-03 21:52
better watch out with your post.. dont later Masuk jail because of spreading fake news . good luck.. hahahaha
2021-06-03 21:54
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Jack Khan
If not fraud then what is it ? Auditor cannot get answer from management and management say auditor does not raise question lol
2021-06-01 04:58