fellow forum-ers, don't be so gullible...Karim and Awang could have been dumping shares themselves as fast as they could and called it "force-sale"..

Don't get conned by them. Take the facts for what it is. If even Karim, Awang are selling and especially EPF who no longer wants to wait and see if the audit issues are going to be settled can only mean that EPF no longer believes in SD and that at 30 sen, they rather sell than wait any longer.

EPF dont think SD is even worth 30 sen....

And if you guys still think all will be well, if E&Y gets appointed...u guys are really naive...

No auditor means it will take donkey years before 2020 accounts are produced, if they can resolve KPMG queries, which I bet RM1k, NO auditor is likely to do so unless qualification of acccounts...

This will bring SD to a PN17 company...bankers lari kuat kuat...As RJ87 say, no money no honey...bye bye SD

A reply to RJ87.

EY is not going to be the auditor. Their role is just Independent Reviewer of the poins KPMG brought up. As of todate, SD has no auditor.

Posted by RJ87 > Jun 29, 2021 12:05 PM | Report Abuse

Don't forget the true value can be ZERO.

U hv to understand the threat the SD is facing. INSOLVENCY.

When SD get downgraded, not easy to get loan. Where do SD look for money to finance operating cash when ur coffer is almost empty. PP and RI at this price and sentiment, do u think anyone will buy it?

U want PP 35sen, buy off market also can get 35sen. PP 25sen, will tank the price straight to 25sen. My question to u is where SD gonna look for money to finance the operation for next 3-6months before EY can clear them off? Where?

U see Hin Leong Group. Saudi and Russia fall out in Mac, oil price tank to 0. By april, 2020. HSBC, JP and few other banks up his #ass. By april,2020, Hin Leong file for bankruptcy protection. But if O.K Lim has the cash to meet his margin calls...he would made ALOT of money. But that's the thing, TIME is not on his side.

In this case, TIME IS NOT on SD's side. If KPMG still their auditor. Got chance.
Now, fire KPMG, and EY to restart. No guarantee EY won't come to same conclusion as KPMG. Karim had just buried SD without him knowing i think.

High risk doesn't necessary gives you high return. Some ppl take too much risk not understanding that there is little/no return.

Posted by Yu_and_Mee > Jun 28, 2021 9:36 AM | Report Abuse

0.30 in the making. So scary seeing it drop like this. But the most scary is people still jump in, really brave. This is so-called HIGH RISK HIGH RETURN.

this counter is good for trading....Only for those nimble traders.

the future of this company wise, is going down the drain.

Imagine if you are their banker or bondholders, will you still want to extend more credit to them ?. Will you not ask for early repayment.

Their ability to do biz is diminished. Their reputation in tatters.

This comnpany is definitely going down

Those who are pro SD, holding to SD shares.

You know deep down inside, no matter what you write here, whether is kpmg cases with companies, SD still got lots of biz prospect , NTA is RM1.00 etc etc....is not going to convince anyone.

All your writings are just to console yourself, no one else. Telling everything will be ok. Pyschologically, its a normal reaction.

confirm mon price will drop ...is a question of how severe the drop is going to be.

Just imagine even Masleena Zaid, the new director who is supposed to come in and help out Karim , now realised how deep the shit hole really goes.

One look, and she said, Sayonara...I'm out.

wah...even the new director, recently appointed also jump ship. Masleena Zaid. less than 2 weeks being director

She is like the fat lady quickly disembark the titanic before it sinks.

She must have phone shoplot chairman and f8@k him up...introduce shit to me....she says...

mabel goes meow meow meow...need to sell pussy liao

what is this guy talking..."systemic implication to the market" , "increase level of volatility in the market"....

Please state down the correlation prove before uttering statements you learn from text books.

Posted by ratz > Jun 25, 2021 5:01 PM | Report Abuse

This whole thing has been badly mismanaged and is getting out of hand. Its now impacting investors confidence with potential systemic implication to the market if this is not handled well. The behaviour of all the parties Serba, KPMG, Bursa, SC, the news media etc are creating disorder and has increased the level of volatility in the market. I have never seen this mess badly handled and mismanaged. Just like the mismanagement of Covid-19 and the economy, this crisis is now spreading into markets. Apa nak jadi Malaysia…

you have my respect. Owning up to your trade outcome....

Posted by rr88 > Jun 25, 2021 3:20 PM | Report Abuse

Lost 25k plus brokerage

very astute comment. My compliments to bobvic96...



Posted by bobvic96 > Jun 25, 2021 9:03 AM | Report Abuse

iHunter Since thinking is a process of asking yourself question, ask the following question:



You can be sure KPMG have discussed this at President level (internationally) and appear to have decided they need to stick to their findings rather than be sued in one or two years time for negligence. Why would KPMG jeopardise their relationship with Serba, which is a cash cow, when the fallout could be predicted. The situation has nothing to do with inexperienced auditors or any maliciousness. Serba, couldn't or was unwilling to provide proper supporting documentation.

Karim has totally messed up his response to this issue. A Director wanted an EGM to get approval to fire KPMG. Bursa, fund managers, etc. said no.

Serba then start a campaign to discredit KPMG pointing out the trivial issues that KPMG have raised and totally ignoring the elephant in the room. This attempt includes the 5th May slide show and the pathetic attempt to discredit KPMG in the PC - I mean what a clown for a Chairman who has previously demonstrated he is not in the same time-space continuum as the rest of us. Obviously Karim brought stooges in to the BoD who he can control but look what he's got. Well done and the market reacted appropriately. Karim has done himself no favours. So they sue KPMG who have to resign, effectively a constructive dismissal. This law case will never come to fruition as it has no real grounds.

So Serba are going against Bursa, etc. - brave or foolish? Now being investigated by SC so it is pretty sure there is something to be found.

In theory, Serba should get a PN17 if no 2020 AR signed off by 30th June - which would now appear impossible (other than a shoplot auditor, but that would have no credibility).

Banks should be recalling their loans because at a debt to equity gearing of 2.0, they must have exceeded that with the current share price. However, we can be pretty sure the cupboard is bare (it may be an idea to sell any shares you have in banks that are exposed).

No doubt Karim will try to influence the share price today as he is being squeezed on all sides. My expectation is he will fail.

As many people have said on this board, Serba is a trading share, not an investment.

Having been critical of SD, nevertheless i think its good time to short term trade this counter.

just got be extra careful and close your position before market closes.

You don't want a bomb to go off after 5 pm

There is no ground for KPMG to give professional clearance now that they are a party to the legal suit.

They are no longer impartial to the subject matter.

KPMG has no obligation to tell anyone. Their engagement is to the Company. Audit firm such as KPMG follows professional code of conduct that is globally accepted.

If you can accept gangster chairman like Ilyas, it shows how deep you have sunk together with SD.

Mabel Meow is Jack Dawson

Look at this comment. Shake my head...You think the corporate world communicates in the manner similar to how you talk to your moody girl friend ?



Posted by telurgoreng > Jun 24, 2021 3:22 PM | Report Abuse

From the looks of it KPMG using this as reason to resign so they don't have to admit mistake. Tbh, the suit is on the way KPMG conducted the audit and it's actually fair if auditors sit down and explain their expectation to get assurance. Problem is if KPMG dont tell people what they want, how is serba going to read their minds?

For example, U tell me you are hungry, so I offer you fried rice, but you say you dont want fried rice. So I offer you wantan mee, but you say you dont want also. Now I ask you what you want to eat, you keep quiet... How am I suppose to know what you want to eat?

In this case, KPMG say address wrong, serba provide the address and clarified the letters and numbers.. then KPMG dont want to verify and check. Same as the phone number, use Truecaller.. then people show you the actual phone bill, then KPMG diam diam.. so Serba ask KPMG what do you need to get assurance? KPMG diam diam.. how is Serba suppose to read KPMG auditor's mind and know what he wants?

It feels so weird la...

many more roller coaster ride. price goes up when new auditor announced. then come back down when new auditor cannot sign off... and resigned ...

buy call warrants on serba damn risky...I got no balls to do that

i triple guarantee now that kpmg resigned, SD will not proceed with the suit.

For sure. confirm

SC should do something like this:

SC announce special investigation on to SD. Appoint auditor of SC's choice to perform in-depth auditing/due diligence on SD books.

New auditor answerable to only SC.

Report out in a month's time.

In the meantime, give investors 3 days notice before suspending shares.

Once report out, publish in SC website. Do the necessary adjustments to accounts if needed.

Resume share trading.

kpmg not playing victim. play smart. now don't need to deal with fraud company. kpmg has no shares in SD. why continue with this shitty company ?

So many other new and good clients out there. Focus on them better

no audit means no accounts. no accounts means loan will be deemed defaulted. banks will come fast....

u guys don't think so ?....Banks won't wait and talk cock sing song like us here.

They will take immediate action to preserve their loan value.

I see SD will be hit with severe cash crunch shortly...

Got project also no money to proceed.

auditor baru confirm shoplot type

KPMG has removed themselves out of the fraud equation. Smart move. Now they wash their hands clean.

Whoever is the next auditor will need to balance audit fee and signing off a fraud account.

Not easy decision.

Authorities breathing down their neck as well. Not easy money for new auditors.

those who asked kpmg to come forward and present evidence etc etc....

KPMG has no obligation to present to anyone anything. Got it. ?

KPMG is not responsible for your share trading and the outcome of it.

KPMG has all the money to engage in the best lawyer, you guys still think KPMG got nothing on Serba.

They don't need to have PC unlike SD needing to prove this prove that to make sure share price don't collapse and margin call on Karim and frens.

Very well said, Foker....

Posted by Foker > Jun 22, 2021 9:33 PM | Report Abuse

There is no SD fan boys. Only losers who stuck in penthouse and lost 60 percent of their money trying to pump the share price.

For those who posted KPMG got sued all around the world, I would suggest read the news carefully as this NOT comparing apple to apple.

For those cases, KPMG is being sued for failing to spot FRAUD.

For SD case, KPMG is being sued by the same person who purportedly committed fraud, heresay.

They are not comparable.

I try to simplify like Leno does but I'm not sure if I can:

1) KPMG does audit on SD;
2) Audit is a standardised process that follows a global accepted practice adopted into Malaysia standard (i.e. there are proper procudures being followed while doing audit) + high standard expected of a global entity like KPMG;
3) KPMG discovered fraud, heresay;
4) KPMG highlight to management of SD so that management of SD can help resolve and proof that no fraud;
5) Management of SD cannot resolve bcos it is really fraud, heresay;
6) Management continues to keep quiet, becoming evasive and defensive;
7) KPMG got no choice, approach Independent Directors to notify them;
8) Independent directors scared shit liao caused collect very little director fees only - now need to resolve so BIG fraud issue, panic -face green green;
9) KPMG tells management of SD that audit cannot proceed unitl they provide documentation to support unless SD wants audit report to state that FRAUD has occur;
10) Karim no choice, walk left cannot, walk right also cannot. Request for suggestion;
11) Smart advisers of his suggest to pecat KPMG AND appoint smaller firm like BDO, easier to control;
12) MSWG, Independent Investor Committee reject vehemently the firing of KPMG. Also all substantial investors like KWAP, EPF wouldn't vote for firing. They also want to know the outcome of KPMG's findings;
13)Karim realise vote to pecat wouldn't be successful, no choice but to search for Independent Reviewer and found EY;
14) EY look at docs and their scope of work realise cannot perform this shitty job without being sued by shareholders/bankers later on, most likely would not take up job;
15)Karim now die die also must think of option. Smart adviser suggest Shafee ;
16) Shafee comes up with suggestion to delay the whole auditing process by suing KPMG;
17) This dragging of the court case will buy SD time so that they can go and get more contracts and hopefully all those impact from KPMG findings will gradually be less important over time as court case can drag for 3 years plus easily by Shafee;
18) Bankers try to call event of default on loans SD but cannot cause audit was not completed and no fraud yet formally announced;
19) Bankers now shitting in their pants;
20) Karim will most likely need to pay for political powers to help him get out of all this;
21) But if government later change how?...Kairm headache now.

Tomorrow share price confirmed will drop. My money is at least 15-20%, if not limit down.

Leno said it all....kudos. My hat off to you.

Posted by leno > Jun 22, 2021 8:04 PM | Report Abuse

KPMG already said Sebab doing FRAUD accounting.
KPMG has reported to Independent Directors.
KPMG has reported to SC, and SC has raid Sebak.

Independent agree to appoint EY to investigate.
The independent chairman is sacked and replaced by donkey chairman.

The New not so independent chairman Refuse to appoint new auditor to investigate.

The crook lawyer did not address anything about the fraud issue.
Only doing silat here and taichi there claiming negligent.

Negligent here mean KPMG has fail to help cover up the Fraud.

Sekian.

Well said Leno....

1. new chairman start so arrogantly claiming he knew everything already. This reconfirmed my suspicions that the new donkey chairman is actually a non-independent claiming to be independent, put into the independent board to hinder the due process.

2. a crook lawyer is appointed to defend sebak. It is like telling the whole world that sebak is a crook.

3. nothing about the accounting has been addressed at all.

4. they CANCEL the EY appointment !!

I still feel this is bad news for SD.

Nevertheless, for trading purposes, this is a good counter if our fellow bros here can time it correctly. All this volatility is good for nimble traders.

see next QR results also pointless....how to verify it is truthful ?

guys...need your input on this. I feel that this suing is very bad on SD. My personal view as follows:

1) Shafee is always defending ppl with very bad reputation and poor integrity;

2) These are audit/accounting issues where the best solution is to resolve it with accounting experts, not legal expert and certainly not seeking solution with the courts;

3) The courts / judge are legal experts not auditing experts.

I think SD cannot resolve this matter with EY also. i.e. EY took a prelim look at the issues and decide they don't want to take on the job. This is why SD has no other options but to sue KPMG to prolong the matter.

This is very bad news indeed.

For those who think new ID is good for company, you are a tad naive. It is only when current ID giving problems that they need to appoint new IDs. If current ID not giving problems why the need to appoint new IDs ?

Common sense right ?. And if current ID giving Karim problems, you think he will still appoint new ID without controlling them first ?

Those who said new ID don't want reputation ruin if they think Serba is fraud company don't really understand the power of money. Can easily give them 10 mn each under table right ?. Offshore account etc....

Some of you are so naive.

Fool you once ,shame on me. Fool you twice, shame on you.....For those who continue believing in Serba. New division etc etc

Some thoughts for sharing. Issue until today not resolved. Audit issues are straight forward , should be easily resolved if no fraud involved. KPMG already done their part. They no longer worried about delay cause the balls in Serba court.

Serba pusing sini pusing sana, still cannot resolve, now delaying everything by saying want ID committee to buy time.

Want to appoint more ID is one simple reason. Current ID , shitting their pants now, cause fraud happened on their watch, will now refuse to budge unless serba management can prove no fraud. Appointing more ID is to crowd out the current ID voice when it comes to voting...

U guys don't get it ?


When SC announce results of investigation, price drop another 20-30%.

Good luck to those who think current price of 55 sen is cheap. There is no cheapness is a fraudulent company

Please don't get me wrong. I'm merely stating the accounting issues of serba and that investors no longer can rely on their figures in evaluating serba as an investment counter.

But trading purposes, this is an exciting counter to dabble in due to the high uncertainty. I think there are many quick and nimble traders out there who have made some money from trading serba these few days.

So from a making money perspective, serba has the liquidity and volatility to make it an exciting day trade. Caveat Emptor

If you are already caught with your hand in the cookie jar. Either you admit it and take the punishment or fight it.

In Serba case, they are fighting it even though they are caught. They say, nope this is not a cookie jar. I want another party to confirm that this is not a cookie jar. This is where the Independent adviser comes in.

Currently still not engaged yet, meaning trying to nego with ID adviser to paint a good picture. See if they agree or not. If not, look for another one. Will only appoint Independent adviser that will play ball and agree that it is not a cookie jar.

This is just buying time, trying to fool the general public who is not well versed with accounting.

Any accountant/auditor or those who understand basic accounting out there will not be fooled.

I don't understand why so many still think that KPMG could make mistake, that all will be well again.

Let me repeat again. Accounting is a very straight forward matter. Any issues arising can be easily resolved by the auditors and the company. I have never seen any genuine accounting issues arising that cannot be resolved.

The only time when a situation such as Serba arising is pure fraud. Plain and simple.

Ample time and effort has been given to Serba to rectify, justify the situation. Accounting follow a set of globally accepted standards which are applied consistently world wide. There is no 2 ways about it.

If Serba from the day the issue arises and up till today is unable to resolve it, plain and simple - they are caught doing fraudulent transactions and are now trying to obfuscate and baffle everyone.

KPMG is just waiting for SC/Bursa to complete their investigations and in my opinion will end badly for Serba. Accounting is a simple matter

Accounting is a simple matter and used to record transactions. If simple matter cannot be resolved by Serba means something is definitely not right.

Bringing in and independent reviewer is just buying time for Serba. I have never heard of any company that disagree with the auditors and proven right. NEVER.

It is always the other way round where a company managed to get away with fraud until the auditor caught them. 1MDB is an example where it managed to get away for a few years before being caught.

Auditors are NOT meant to catch fraud when performing an audit. But if they do encounter fraud, it really means there is fraud.

It's like doing a blood test for cancer marker. Not finding any cancer marker is not 100% cancer free but if there is cancer marker THEN it is confirmed for sure there is cancer.

Not finding fraud by an auditor doesn't mean the company is not a fraudster (eg 1MDB) but finding fraud definitely means company is fraud (Serba, Transmile, Megan Media etc).

U guys talked as if KPMG only has one auditor. It is an international firm with hundreds of partners who does auditing their entire career. You think they cannot resolve simple problems like wrong address, email etc.

Common sense tell you that is not the case. For KPMG, an accredited international audit firm to resist signing the accounts can only mean one thing and one thing only.

The books are cooked and KPMG found out. Obviously KPMG would have given Serba time to explain and justify before bringing it to the independent directors.

For Karim to pretend to be ignorant and say KPMG never talked to management and go straight to independent directors is a blatant RED FLAG that he is lying through his teeth.

And when someone at his level lies on something like this...you know the shit runs deep

erbdak is solid as fuk on the ground, although beaten badly in bursa.

Also means fundamentally intact.

https://www.malaymail.com/news/money/2021/06/08/serba-dinamik-remains-...

THE ABOVE IS CLEAR CUT OF A PAID ADVERTISEMENT. THE "OBSERVER", A "SOURCE"...

no names at all.....This is cleary serba desperate attempt to stop the slide...Most likely the price is around margin call liao.

The more desparate serba becomes, the more likely there is so much shit in it....

EPF is also selling....this counter is going down fast

For those who trade on serba now and make money, I say "very good", got skill and luck.

For those who think is cheap and buy, I wish you "good luck" cause the nightmare only just begin.

buying warrants is the worst ....the company is bye bye liao. buying warrants hoping for upside is a losing trade

only daredevils will touch this counter. after so many days, the audit issues have yet to clear means "big wok". Audit issues are by nature are easy to clear, just provide credible supporting, that is all needed.

if until now still cannot provide documents despite kpmg giving them so much time to do so means they can no longer support it no matter the time given.

bringing in independent firm is just a tactic to buy time. audit is something so easy, u think it's quantum physics unravelling the universe equation ?

Independent firm will come to the same conclusion as kpmg.

if it gets cleared. serba is like a vios selling for discounted merc price previously at RM180k. Everyone say cheap , keep buying and buying. Later auditor found out it is actually just a vios. But of course salesman deny deny deny. Still want to say its merc if you look at it from a certain angle.

Of course, now cannot sell at RM180k , now sell at 30% discount RM126k, some ppl quickly say its buying opportunity as it is now RM126k compared to previous high price of RM180k

The real question is, does anyone know that it is only a vios and used vios is damn cheap, nowhere near RM50k. ?

for all you holders of serba warrants. My condolences.

RJ87. I don' think it is that simple. If it is so, the Serba won't need to fire KPMG so desparately. This is an issue that goes way beyond what Serba can manage. All the current explanation is currently one-sided by Serba.

They are trying to make things seem ok. Maybe enough time for Karim to dispose of as many shares as possible.

Remember Luckin Coffee.... ? Once auditor reveal some issues/red flag, usually it's all the way down hill from there.