pearlwhite .
Huangbk72 @pearlwhite

Answer : SD is not the owner and master of the info Kpmg required. (hint: SD need to ask the bigger boss for info., but bigger boss don't layan)

SD employ in balance sheet accounting
BIgger boss employ off balance sheet account

all this accounting, all legit btw.


Either you have or dont have. Auditing dont look at such arrangement.

If what you say is true.. no point auditing SD then..

@pearlwhite

Yeah.. so trivial i dont understand why there is a deadlock.

Even request for 3rd party audit also not done.

This can be solved in weeks.. and not months. Why drag till now?

@telurgoreng

Looking at the 4 points raised.. its frivolous at best, delusional at worst.

There is no way any auditing firm will stonewall any client based on that. It will be suicidal. Dont forget SD can complain to SC about this too.

So its only 1 sided story and weak one at that.

@SFC1980

SC governs listed companies and can compel any auditing firm to work with SD.. if no one dares to take up this work.

So will eventually find an auditor for SD.

The saga keeps getting longer.. Resigning auditors is bad, need few more steps to complete.

The road to clarity grown longer.

Have to buy more popcorn now

@siduit we don’t trust anybody, and we also don’t trust to the auditor’s opinion, because it’s not yet to called as a fact. but the way the act towards those opinion is too much that caused more harm then ever, those issue can be settle more wisely

You mean.. to not cause harm to you, the auditors should accept SD explanation and signs off the account?

@wcc636588

Haha.. that wirajati is ambushing the SD fanboys... he is playing around

@glorymas this is typical politician mindset, fight back kaw kaw!
but sorry wrong handling this time...the boss follows wrong mentor, politician with the arrogant attitude mostly short life and ended up gain no respect...
if rosmah would have to understand this wisdom, apologies sincerely to the country, takes whatever punishment on her, the voting will very soon goes back to najib, then she will comes back richer and stronger

Yes.. agree fully.

Overall a PR disaster appointing this new Chairman and Shafee to sue KPMG.

Listed companies are public company... must show professionalism. I cringed when i saw the youtube broadcast.

@i3lurker

Personally i think quite certain a lawsuit will be filed.. after all the damages assessed and recovery process is over.

@Beautyseeker

Responding is 1 thing.

Whether its accepted is another thing.

Furthermore KPMG requested a 3rd party auditor to come in and check again. This is so commonly practiced in cases of stalemate.

You know in the end, SD didnt want to do this.

@siokar... this Hin Leong case.. later Deloitte may face lawsuits for under- auditing. 16years with Deloitte

@colin888

Can forget the idea SD buying back their shares... when margin call hits, more pledged shares will be released.

So can expect more supply than demand

@Beautyseeker

You are playing the role of KPMG.

U cannot accept transaction record of Serba
U request for further information and clarification
Clarification given cannot be accepted
Stonewalled for months
As an auditor, who do you do to when SD not cooperating.

Either you go SC, Go Internal Audit, Disqualify Audit or Resign.

Material wont go missing cos got purchase invoice and delivery order..

Problem the material on site belongs to some other company..

@iHunter HuangBK72,

Last week, big boys are selling and retailers are buying. Now, retailers are selling and hedge fund are buying... So, need to clear weak holders to restore its price.

Okok.. good luck!

To those still blaming the audit process or KPMG, no mileage.

Grow a brain and evaluate the situation, who is killing SD now?

@Gerrardo Some of the gloves co counter also many are abnormal what.

Got glove counter hit with audit problem now?

if normal counter.. surely enough ammo la..

But this SD is abnormal... market sentiment is so negative.. why pump and dump this counter?

@iHunter HuangBK72,

What do you think ?

I bet on not enough ammo ... haha..

No hard feelings ya.. just my thoughts

@BATFLY Some positive comments.. How many oil n gas counter has PE of 3.39? Dividend yield of 9%. Profit growth since ipo..

Hate to burst your bubble..if take impairment hit, all positive ratio gone

@iHunter

Enough ammo if big funds sell to you?

@Kang Yao Can shareholder sue Serba Directors for "suing KPMG on resulting drop in share price" which leads to further share price drop?

YES

@i3lurker maybe the RM500 million materials on site is a lie also. Where is it?

There is NO way, auditors cannot find that huge inventory. Its not chicken feed amount and looking at the industry SD is in, it should be largely concrete, metal and machineries. Either cant find or found but belong to someone else. I believe the latter.

If say missing RM500 million bitcoin and cant find, can believe. haha

No one doubted the project in Abu Dhabi.. it’s the book entry that is in question. It’s pricing transfer or revenue layering in issue

My observation:

The ending will be bad if SD maintains this trajectory with worst case scenario delisting.

Instead SD just take the impairment hit immediately and reboot the company. Suffer 5 years but keeps the company afloat.

At the moment, SD has dug too many holes and became a target for many people and authorities. No company can be put under multiple Microscope and escape unscathed

-@ MichelleNg how can Karim change auditor ?

No need defend KPMG.. no need defend SD

Its he says, she says.. everyone also confused.

Appoint another auditor to check flagged issues... whats so difficult? Berani kerana benar still applies?

KPMG cannot make it....

SD please appoint EY, PWC and Deloiite to audit again!!!! you been sitting on this for few months now... why no action or no BIg4 willing to take up this job?

Gerrardo So, all auditors using 'truecaller' also to identify the relevant parties?

There are too many methods to verify.. truecaller is one of the many, its called pre-qualify with not much weight... mostly will be site visit due to amount involved is huge.. why SD just pick on this truecaller? fishy isnt it?

kamirise360 So that shows either any auditor still can do mistaks what?

Yet you are still believe completely on them meh?

If no external auditors.. you believe company auditors prepared accounts??

This issue is not about believing auditors.. its about NOT believing SD

kamirise360 Did KPMG red flag 1MDB before this?

Billions also they cannot see?

All 3 1MDB auditors also kena.. so now blame EY, KPMG and Deloitte?

Gerrardo Maybe they found out that KPMG's process is actually the problem.

Hope we can get info from any of those 2 companies


KPMG, EY, PWC, Deloiite, BDO all same process.. its called auditing process.

Same surgery method for bypass... whichever hospital you go to..

Jerry20 Bro..public bank just gv target price but for investor n seing trader like epf…retail just can hold 1year? So everyday kompang today LU until 1year…hahahahahah

not 1 year.. pbb say hold till 2050

siaokar Suing will only drag shit deeper and before they knew it, sukuk has matured and when they have no money to settle the debt they will use auditor as the reason for their own failure.
Cunning move but not smart enough.


When left with only 1 choice.. what can SD do? all jalan is closed

i think i sue JPJ if my son fail driving test

dompeilee Sue also useless...none of the former big shareholders will be back anytime soon

Correct... pity shareholders..SC should look into this from this angle.. they are entrusted to protecting the rights of minority shareholders

InsiderShark @Huangbk72

Exactly.... just get an independent auditor to verify. Maybe make it 2, EY and PWC, and if both say no problem, then KPMG lose big time....

but no... go sue...

coz got many things to hide, need time to hide.

BIG YES to this move.

Look at the writ of summons.. its basic auditing dispute.. SD can even engage PWC, EY and DELOITTE.. make it rock solid proof.

Have proof then sue.. then sure win..

ggcomliao Huangbk the first kpmg auditor to defend themselves, Bravo mr huang

i see you working in SD too... defending the indefensible

winsteady many people just misunderstand. sd sue kpmg for negligence, not true or wrong fs but negligence. if kmpg do not reply or coordinate with serba for 59days to solute the matters, it means kpmg is negligence!

Haha.. if you know audit process.. this 59 days refer to the period that KPMG is refusing to accept the explanation given by SD.

KPMG is playing hardball this time. See who blink first. I see SD blinked first by suing ..

Again.. so easy to prove who is right and wrong.. get another auditor to check.. whats so difficult?

Now waste money feed lawyers

Still have people asking for KPMG public response on audit details.. They cannot say anything la.. got rules governing this

The 4 issues raised by SD in writ is rudimentary. So easy to get another auditor to verify.

Can’t understand why not get EY to confirm SD is correct? Then share price recovers, then shareholders happy.

Looks like SD is the party now wanting to depress share price and prolong the agony.

So easy to resolve, makes it go round the world

@keown83.. agree.. its all about resolving audit issues and going though legal channel prematurely will hurt shareholders. It is totally irresponsible for SD not to appoint EY or PWC or Deloitte to confirm findings.

ggcomliao huangbk72 u also spent days saying will LD, where? Dont syok sendiri

Post 1 of my comment saying will LD... try that

haha.. now LENO list is getting clearer and more detailed

ggcomliao kpmg is using truecaller dumbo huang

u saying this because SD says so?? SD says appointed EY. .u also spent days saying this.. now also not true..

SD says use only Truecaller.. and people here believe.

SD says appointed EY.. people also believe..

Speechless

keown83 @Enilec Mak still the same issue, INTEGRITY MY ASS..KPMG is not clean..full of shit also..meaning that with a sum of money from some party who have some agenda on the said company that KPMG is in it, KPMG can deliberately making the company smell flower or smelling shit..they can become a puppet of some people who can pull the string

you still put your trust on this auditing firm regardless if they told u the company they audited post strong profit or smelly shit? if me, i stay away from this auditing firm as they obviously can be paid by anyone to play any agenda they wish

Then pls stop investing in listed companies, invest in FD better.. in fact.. all use auditors.

If i didnt read it wrongly.. the legal suit is mainly targeted at the auditing process.

Why not get EY in as suggested by KPMG and relook into this??? All these are sooooo SIMPLE to resolve.. either KPMG wrong or right will be proven

retailbroker99 But suing auditor is something that people have done before

Which auditor not sued before? We are in corporate world.. everyone is entitled to a legal suit.

But suing for right or wrong reasons, thats another question

retailbroker99 https://www.ft.com/content/7f0065ac-1853-421b-9b21-cfdd2fed289f

https://www.ft.com/content/3b10ca83-7818-46d5-b492-8c86857ebd33

https://www.theedgemarkets.com/article/mof-looking-1mdb-settlements-kp...

some cases where KPMG kena saman..

Im talking about client suing KPMG.. only 1 case found? >>KPMG in UK sued for £6m by property company Mount Anvil