KPMG's process is flawed in so far as reporting to SC/Bursa is concerned

Maybe too cannot get IRREFUTABLE EVIDENCE after being so long in audit process

https://klse.i3investor.com/blogs/patheticfallacy/2021-06-26-story-h1567055447-SERBA_DINAMIK_WHY_SERBADK_S_LEGAL_SUIT_IS_NOT_FRIVOLOUS.jsp

Posted by OrlandoOilSemiconIoT > Jun 26, 2021 6:11 PM | Report Abuse X

qqq3333

Agree with u tis point and only tis point

Karim is all I m innocent why should I b the one to prove...

Not a good strategist instead honest to a fault (but is good for current context)

As the 1st step Karim shd run through all Serbadk projects n contracts wit details disclosure everything fr profit % stage of completion etc etc etx to go bare naked




and go on an offensive to explain their business/ figures / forecasts...Serba needs help, professional help not jumping up and down like a headless snake.

26/06/2021 5:56 PM

qqq3333

Agree with u tis point and only tis point

Karim is all I m innocent why should I b the one to prove...

Not a good strategist instead honest to a fault (but is good for current context)

As the 1st step Karim shd run through all Serbadk projects n contracts wit details disclosure everything fr profit % stage of completion etc etc etx to go bare naked




and go on an offensive to explain their business/ figures / forecasts...Serba needs help, professional help not jumping up and down like a headless snake.

26/06/2021 5:56 PM

There r 3000 average man on the street here


U r one of them



Posted by Huangbk72 > Jun 26, 2021 5:48 PM | Report Abuse 

OrlandoOilSemiconIoT Huang


U silly

If SC already has d hard IRREFUTABLE EVIDENCE tis case would hv ended before it started


Case closed by now


Whew... luckily the market doesnt think like you.. everyone is normal except you.

Market cap drop from 6B to less than 2B.. and you think everyone else is wrong.. haha

Huang


U silly

If SC already has d hard IRREFUTABLE EVIDENCE tis case would hv ended before it started


Case closed by now



 Posted by Huangbk72 > Jun 26, 2021 5:42 PM | Report Abuse 

OrlandoOilSemiconIoT No no no

U want accuse someone of wrong doing u better provide the evidence

Anyway u hv failed to appreciate the technicalities of the legal sue

A average man on the street u


Haha.. since when Im sifu grade?.. Im cleaner ( favorite word here) grade and it seems you are worse than me..

If Auditors doesnt sign off accounts.. and have to provide evidence for public to see? Its between SD and KPMG la.

How you know there is no evidence? If no evidence, SC go raid SD? You are dumbing down SC.

Dont worry.. sooner or later, you will see how silly your comments are

If KPMG has IRREFUTABLE EVIDENCE KPMG shd qualify Serbadk accounts at tis very moment

If KPMG has d IRREFUTABLE EVIDENCE and qualified the accounts I don't think Serbadk dare to sue

There is 3000 average men on the street here

There r sifu here

But u r not one of them

No no no

U want accuse someone of wrong doing u better provide the evidence

Anyway u hv failed to appreciate the technicalities of the legal sue

A average man on the street u


Huangbk72 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.

26/06/2021 4:49 PM

Any basis for u to assume it won't b a tripartite legal case involving the shareholders too?

It is almost certain Karim wil be one of the parties

All shareholders better keep your purchase notes etc



PSAi3alert OrlandoOilSemiconIoT,

It will not go to trial. The alleged losses in market capitalization are suffered by the shareholders. Serba has yet to demonstrate any losses in business operations (actual or fictional). The company does not have the locus standi to claim for losses in market cap. The case will be struck off as frivolous and abuse of court process.

What will possibly proceed to trial is KPMG's defamation suit against the chairman and shareholders' suit against the directors when the company goes belly up. And, if there is any dissipation of assets, subsequent holders of those trust assets are also liable. There is only one case law in Malaysia that contained the word 'RETROSPECTIVELY' as to the time when the constructive trust arises.

The case law is:
ZAHARAH BT A. KADIR (Acting as the Authorised Representative of Abdul Kadir bin Ami, Deceased) v RAMUNIA BAUXITE PTE LTD AND PROMET BERHAD

Lady Ramunia continues to haunt... (can your feel your hair stand on your back?)


[114] A constructive trust arises automatically. It is to be construed retrospectively from the time of the circumstances which give rise to it. The
common vein running through all the species of constructive trust is this:
that the liability of any person to act as a constructive trustee is predicated on that person having knowledge of some factor which is deemed to affect his conscience sufficiently strong enough in order to justify the invocation of the principle of constructive trust (Westdeutsche Landesbank Girozentrale v Islington London Borough Council [1996] AC 669, HL).


OrlandoOilSemiconIoT WHY SERBADK'S LEGAL SUIT IS NOT FRIVOLOUS
26/06/2021 4:32 PM

26/06/2021 4:58 PM

Tis is technical don't hurt yourself trying to figure it out

Yeah

U r better than the lawyers better thn the insider who told NST

u r so average man on the street



Posted by Stock Kingdom > Jun 26, 2021 4:36 PM | Report Abuse

Kindergarten standard article

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

WHY SERBADK'S LEGAL SUIT IS NOT FRIVOLOUS

https://klse.i3investor.com/blogs/patheticfallacy/2021-06-26-story-h1567055447-SERBA_DINAMIK_WHY_SERBADK_S_LEGAL_SUIT_IS_NOT_FRIVOLOUS.jsp

This is precisely wat I hv been saying

KPMG has lodged a SC report has spoken too soon whn it was jz at MAYBE long BEFORE it has IRREFUTABLE EVIDENCE


The legal suit WILL STICK





https://www.nst.com.my/business/2021/06/702410/serba-dinamik-vs-kpmg

Upto MAYBE as such KPMG failed to form an audit opinion tat an auditor wit IRREFUTABLE EVIDENCE conviction dare to

Tis is precisely the problem KPMG has performed its audit upto MAYBE



“In this regard, KPMG has in our view performed a substandard auditing work for they failed to form a professional opinion




“It is, therefore, noteworthy to acknowledge that Section 320(1) of the CMSA 2007 requires that an auditor form a professional opinion that there has been a breach before they can make a report to SC,” a company source told FocusM.

“In this regard, KPMG has in our view performed a substandard auditing work for they failed to form a professional opinion on the matter and therefore could not have acted in good faith – in fact they acted in bad faith.”

KPMG had character assassinated Serbadk even whn all it has is a MAYBE

leehenry1999 u r specimen 2 of d average man on d street influenced by KPMG

Red flagging yet has d audacity to ask for change of year end to buy time to finish its audit

Red flagging is not a problem


I only ask for IRREFUTABLE EVIDENCE BEFORE red flagging


KPMG has failed miserably on tis basic requirement

Karim sailang d

Whn any 1 of d 3 big 4 accepted the appointment as auditors of Serbadk the drama is over Serbadk backs to life as usual

So KPMG has sent in its letter

https://klse.i3investor.com/blogs/patheticfallacy/2021-06-22-story-h1566972618-SERBADK_Who_caused_the_BLOW_UP.jsp

So KPMG has resigned



Let's do a bit of character assassination like KPMG has done wit its MAYBE



KPMG has resigned KPMG knows it has bin negligent


KPMG must hv done something wrong otherwise why resign

Oh yes U r a good specimen of d average man on d street influenced by KPMGs MAYBE




goldenluck16 SD is a gone case ...no hope. Sell, no need to think twice or talk thrice.

24/06/2021 9:00 AM

WE CANNOT COMMENT AT TIS JUNCTURE as d AUDIT IS STIL IN PROGRESS

https://klse.i3investor.com/blogs/patheticfallacy/2021-06-22-story-h1566972618-SERBADK_Who_caused_the_BLOW_UP.jsp

WE CANNOT COMMENT AT TIS JUNCTURE as d AUDIT IS STIL IN PROGRESS


Anything more thn tis would surely trigger SC n BURSA


KPMG cannot goes MAYBE he is guilty but our audit is still progress

After the 4b damage n some now u r saying d audit is stil in progress


Right fr d BEGINNING KPMG shd hv told SC BURSA sir WE CANNOT COMMENT AT TIS JUNCTURE as d AUDIT IS STIL IN PROGRESS



"The potential claim relates to a statutory audit that is still in progress and we are unable to make any comments," the audit firm said.

So u tell me has KPMG bin negligent?

KPMG has gone public wit mere suspicion

Need IRREFUTABLE EVIDENCE not mere suspicion

IRREFUTABLE EVIDENCE

Even in court of laws EVIDENCE comes first

https://klse.i3investor.com/blogs/patheticfallacy/2021-06-22-story-h1566972618-SERBADK_Who_caused_the_BLOW_UP.jsp


Was KPMG negligence or not??

Was KPMG negligence or not??


Auditors red flagging accounts is sensitive very very very sensitive


Anyone knows that


KPMG should hv foresee d chaos


PRIOR to obtaining the IRREFUTABLE EVIDENCE KPMG at d most can only states the AUDIT STILL IN PROGRESS



KPMG shd never in anyway insinuated Serbadk guilty until Serbadk got someone to prove it is innocent


No no no




Serba Dinamik to take legal action against external auditor KMPG for alleged negligence

Loosing money is one thing


KPMG shd has been more conclusive


KPMG shd not have spoken before obtaining the IRREFUTABLE EVIDENCE

https://klse.i3investor.com/blogs/patheticfallacy/2021-06-22-story-h1566972618-SERBADK_Who_caused_the_BLOW_UP.jsp


KPMG shd has been more conclusive

Tis not done for audit purpose?


....to facilitate better audit planning



Remarks :

The Directors of the Company is desirous to change the financial year end of the Company from 31/12/2020 to 30/6/2021 due to continuing extension of the MCO in Malaysia and lockdowns in countries in which the group have hampered the ability to finalise the Group's financial statements (FS); expansion of Groups operations in new countries further add to more time required to finalise FS; to facilitate better audit planning and allocation of resources to avoid the peak financial reporting period

Remarks :

The Directors of the Company is desirous to change the financial year end of the Company from 31/12/2020 to 30/6/2021 due to continuing extension of the MCO in Malaysia and lockdowns in countries in which the group have hampered the ability to finalise the Group's financial statements (FS); expansion of Groups operations in new countries further add to more time required to finalise FS; to facilitate better audit planning and allocation of resources to avoid the peak financial reporting period

https://klse.i3investor.com/blogs/patheticfallacy/2021-06-22-story-h1566972618-SERBADK_Who_caused_the_BLOW_UP.jsp

Materials on site


Materials on sites r physical

Materials on site


Materials on sites r physical can see touch smell why so difficult to come out wit IRREFUTABLE EVIDENCE?


Materials on sites they r either there or they r not there why so difficult to come out wit IRREFUTABLE EVIDENCE??

Of course not

So still in progress


KPMG stil looking for its elusive IRREFUTABLE EVIDENCE?


https://klse.i3investor.com/servlets/forum/600544818.jsp


"The potential claim relates to a statutory audit that is still in progress and we are unable to make any comments," the audit firm said.

So still in progress


So KPMG stil looking for its elusive IRREFUTABLE EVIDENCE?



"The potential claim relates to a statutory audit that is still in progress and we are unable to make any comments," the audit firm said.

Point for SC to ponder


Next time to raid BOTH parties premises to appear impartial?


Fairer for both parties

Per lawyer SC raided Serbadk premises without justiable grounds

Serbadk did not panic

In fact KPMG suggested n Serbadk has agreed to change d year end to JUNE 2021 giving KPMG 6 months more to finish its audit

For KPMG to finish its audit as issues highlighted r those the can b resolved


There was no crisis for neither KPMG nor Serbadk


Thing blew whn Bursa/SC asked for the reasons for d change of year end n SC raided Serbadk premises

KPMG do u hv IRREFUTABLE EVIDENCE or not?

It yes now is d time to show it