ah pek push car never heard.. always see lor han push car

OrlandoOilSemiconIoT Fair enough wit the opinions

Qualify la

But truth is even at tis moment now today KPMG cannot tell if wat it has flagged r in fact true pending a 3rd party review

Upto MAYBE not IRREFUTABLE EVIDENCE


Since you like to harp on IRREFUTABLE EVIDENCE.

1)IRREFUTABLE EVIDENCE is to be provided by SD and given to KPMG. WIthout IRREFUTABLE EVIDENCE, how KPMG qualify audit?

2)KPMG requested 3rd party audit to provide IRREFUTABLE EVIDENCE that shows SD has IRREFUTABLE EVIDENCE that their accounts is real.

Not the other way around.. you understand?

What you asking is silly actually and only myself bothered to answer you. I dont see the other sifu here replying.

Consultant Why wanna take KPMG again?

If I'm a boss and I don't like KPMG attitude.. I prefer to hire another company with similar credentials

If u don't like umno u join DAP/Pas.. takkan u go n join MAP



You have the same attitude adopted by SD management team. Dont like the audit findings, sue. Too confrontational. This is not political party, this is public company

Being a listed entity, you have shareholders. Not your own private company.

Only by using KPMG, you bring back investors confidence. Only by using KPMG, audit will be completed faster.

SincereStock can't imagine the nasib of all serba's employee at current pandemic hard time, anyone care for them?

if you really care for Serba employees.. start a petition requesting change of management and reinstatement of KPMG to audit the company.

This will show you really care

trum Brother this stock you can buy if you buy at the correct price

Agree. always a value

But SD needs to :

1) Current management team to resign
2) Let auditor finish work

Then we know true value of company.

Now.. who can determine value.. might as well be 1 cent.

jackson88 I think this is just a start. The real problem for the Company is when the Bank and Bondholders make their move. How is the company going to refinance their loan and bonds? Anyone to lend them?

Usually when the stock price drop so much, banks would have started recalling banking facilities. Looking at their nature of business, much depends on trade financing which are largely unsecured if given listed company corporate guarantee.

So the problem has started.

3rd party audit is the easy solution.. yet SD not doing it…………………….

From KL to Singapore, take flight to Russia then connect to Singapore

AlsvinChangan SD Financial Year-End is 30/06/2021 not 31/12/2020

Plently of time for Annual Report Which is due only in Sept 2021

When You have good Smart Lawyer you have good idea

Agree.. when you have smart lawyer.. you make market capitalization drop another 500M

winsteady dividen is important to raise back people's confident

Cash dividend, SD wont be able to give.. give in kind can? inventory alot

jolynce We can handle profit, we can handle loss.. for they are part and parcel of running business. But fraud accounting is really the worst of the worst... so what if QR is released, when we don't even know if the numbers reported are real? And all the beautiful numbers previously reported.. were they real or were they just a dream......

Yes. hard for shareholders and public to accept any unaudited report now from SD.

Furthermore, the QR report is the one that KPMG refuse to sign off.... so mostly a dream unless SD wakes up..

Vicky if Karim is reading this and you've done nothing wrong get a new auditor, publish report

This is what the market is waiting for....... pls get new auditor to have more clarity

i3lurker really
honestly
I dun see anything wrong with reporting RM457 milllion loss this QR

but NOOOOOOOOO

someone went ballistic


Sometimes when listed company has loans etc.. they have to show profit every quarter to their bankers, if not facilities will be reduced. Sometimes even recalled.

Maybe covid excuse can be used, maybe not.

But situation now, i agree wholeheartedly, take the impairment hit. Wont kill, just hibernate few years, then rebuild.

Now, no way back for SD.

@RJ87 I think if they fire Shafee, monday got chance close green....Else, NO CHANCE.

Actually every major fund will not act this way and to recover, do it correctly.

1) Beg KPMG to come back
2) Take impairment hit
3) Whole BOD resigns

3lurker you forgot the chinaman favorite adjustment items => inventories

when inventories are high it means that profit is high coz closing stock is deducted in COGS
inventories went through the roof.
Increase of RM1.3 Billion

and KPMG says RM569 million is missing

=> so this QR could be RM469 million loss case minimum
=> or total loss of RM1 Billlion circa

ex-KPMG alumini understood it after ML posted online

and thats why price crashed


Looking at the company current asset section is scary....

Scarier if looked at the borrowings

Scariest if impairment has to be imposed..

@sunnyleong Now let accountants in public to see this annual report.

I not account pro. But logic if got issue, why release the Annual Report?

There is no audited annual report. Only QR report and consolidated 15 months report. No auditor signed off, so no audited accounts.

@sunnyleong

Don’t jump in happiness so fast….

Look carefully… cash flow company is really bad. 9M generated from billions of ringgit turnover. Do business is for cash right.

Liabilities goes up.

Company funded by debt mostly.

No improvement it seems

Critically if take into account audit red flag for FY 2020, this QR hangus

QR report is company prepared.

Annual report compile all 4Q and must be audited

@ggcomliao

Not nice touch on racial... pls tone down 1 notch.. all happy punpipi

INV3ST0R where's the update regarding new auditor? or has Karim gone into hiding?

Also eagerly awaiting this... Dont tell me no new auditor appointed?

@amet2017

Dont know whether to pity you or laugh at you.. or both.

Lose money ok.. dont lose mind

Who is the newly appointed auditor ? Got news yet?

Defend 43 sen for what purpose?? simply tembak this figure?

This morning iHunter said his group will support this share in afternoon with new funds... anyone seen him?

pearlwhite .
Huangbk72 how to absorb such selling.. Syndicate cant think straight??

IT IS NO LONGER SYNDICATE. IT IS SYNDICATE BIG BOSS.

IT IS A POLITIK PARTY

Wah... election maybe soon, better keep money for that ..

Wanna goreng, goreng counter with no looming accounting problem la

how to absorb such selling.. Syndicate cant think straight??

Steve99 Huangbk 72 , yes agree with you ... None .... Let eat popcorn watch show .......

Haha.. been eating popcorn since weeks ago here.. can change to Sebak Chips?

Stock Kingdom The next auditors will not get clean professional clearance from KPMG and the next auditors will definitely carry out more audit evidence tests throughout the audit. All eyes will be on the next auditors and allow no room for mistakes. So the audit won’t be quick to be finished.

By the way, Who is there to take such huge risk job? I am very interested to see which audit firm dare to take such risky order.

Can.. if given mandate directly by SC..

Steve99 let see which auditor dare take the subsequent audit job, E&Y, Pricewater house , Deloitte , Crowe Horwath , ha ha ha

None i think will take up willingly unless coerced by SC..

SD can solve this ..

Beg KPMG to return

Accept auditor issues, take impairment hit.. Management team resign....

Better than this freefall.. hurting all shareholders

It’s accounting issue… how to solve in 1 week or 2?? Work magic also not possible.

Regardless of what others say, I will say EY or any other auditors will have same findings as KPMG

Sack the management… change jockey:

Save Serba!!!

Good luck to those big players like r88 and iHunter...

Hopefully they prop up the price and not ended up long term investor replacing KWSP

Investors are smart people.. if not cannot find counters to make money..

Most importantly, what is the motive for SD not agreeing to sign off SD accounts resulting in billions of market cap losses.

Always start with motive..

SFC1980 gave precise steps.

Ask yourself, why go long way when shortcut is available ? In business world, makes sense ?

Haha.. still posting wrongdoing of KPMG worldwide.

THOSE ARE DUE TO UNDER-AUDITING Similar to 1MDB

SD they over-audited also kena?? Haha

IHunter.. good luck again today.. yesterday ran out of ammo against the big boys?

1) everyone following this case read this presentation? It’s only SD version. KWSP believe?
2) KPMG Malaysia doesn’t have to personally go to Bahrain… they are allowed to use KPMG Bahrain. Not only KPMG Bahrain.. even 3rd party credit assessor worldwide.
3)Before matter blew up, why SD didn’t appoint 3rd party reviewer? Even matter blew up, didn’t do it? Cos afraid ?
4)EY agreed to be new auditor ?
5) Do you think KPMG will defend this in court if they are wrong? They would have bend backwards after getting sued and be a lap dog

Let’s see who is prevail in the end. Either you are in SD camp or not:

The info is all out there.. don’t be misled

1) if SD books are clean, why not appoint 3rd party reviewer immediately as requested by KPMG. This would have solved this issue immediately.

2) Big funds are exiting including KWSP. They are dedicated investing company with deep connections in the business world. No one here has resources that can match KWSP. When they sell like this, it’s exit sign

3) SC governs listed company. SC raided SD based on KPMG information. U think anyone here is smarter than SC ? They raid because they seen KPMG evidence:

4) Market has spoken. Price never recovered.

5) If you are feeling charitable.. pls donate to SPCA.

What benefit KPMG gets from driving down SD share price ? I can’t think of any reasonable reasons.

If SD so sure of their transactions, why till today no independent reviewer appointed ? KPMG themself requested for a 2nd opinion. It’s been months.

Get EY, or even get EY, PWC and Deloitte to verify the audit issues.. give good optics to shareholders.

Have Simple solution but prefer long hard road. No wonder market reacted badly so far. Making useless move in changing chairman, suing, lousy PC..

When in doubt, follow KWSP and KWAP. They are the professionals

rr88 Google lar. That was what happened. They went there. Could not locate the address n returned.

Haha.. google and you arrive at this assumption?

@rr88

Sure or not KPMG Malaysia went to audit in Bahrain? KPMG Bahrain cannot check on behalf?? Local arabic people are better at reading arabic ..

Leno.. your last statement hit the nail.. bullseye

@iHunter
I don't operate companies that I attended, so I have no idea how many auditors. That is CEO/CFO job to deal with them. During presentation, there were at least 3 reps from auditor company .

Then how you arrive at the statement that the auditors for Serba is inexperienced??

To me.. its a bucket of horse wash in that legal suit by SD.. purely to discredit KPMG.

No auditing firm will make errors in the 4 points raised. Even small ones. The points are too "nursery"

iHunter Huangbk72,
Not really. Although I 'm interested with financial aspect, the audit report presentation also talk about many aspect including operations such as it and finance dept.

Anyway, I can't seems to have draft of the SerbaDK audit, but my initial observation is the Assigned Auditor by KPMG is lack of experand probably just completed her training.




May i ask you, how many auditors comes over to your company for auditing purposes? and how many are juniors and seniors? I know it starts with 4 people minimum for a listed company.

Impossible with 0% possibility that Serba audit is done by someone lacking experience and just completed training...

@iHunter

Board meetings dont talk about grammar.. only look at financials.

We are talking about verification of transactions in KPMG vs SD case

@iHunter

KPMG itself also LLP company. U think they wouldnt know??

not suprised limit down.. looking at the sell que

@SFC1980

Not Crisis Management is weak.. its non existent

@pearlwhite

now you say all middle east business operate in such manner?

SD is not the only listed company having business in Middle East.