TROUBLES IN TANZANIA - continued

The reality is completely different from the situation reported by Serba

1) Current Google Map's satellite image of the site (Msufini Area, Mlandizi Ward, Kibaha District, Tanzania) clearly show that it is still a piece of empty land. Nothing has been developed and there is no equipment at the site.

https://www.google.com/maps/place/6%C2%B043'24.1%22S+38%C2%B045'14.6%22E


2) Numerous actions filed against Junaco (T) Limited and the directors, Justin Lambert and Vedastina Lambert, indicate that Junaco is now insolvent and does not have any assets to satisfy judgment debts owning to numerous claimants

https://tanzlii.org/tz/judgment/high-court-tanzania/2020/3671-0
https://tanzlii.org/tz/judgment/high-court-commercial-division/2019/157-0

3) In July 2019, the African Development Bank issued a request for expression of interest for Consulting Firms to be the Lenders’ Technical Advisor (Consulting Firm) for the construction and operation of Chlorine Chlor-Alkali plant in Tanzania. The services to be provided under the Assignment included: "Development of 45 Mtpd (over 16, 200Mtpy) Chlorine Chlor-Alkali plant in Msufini area, Kibaha district coast region of Tanzania."

The request from African Development Bank can be viewed here:

https://www.afdb.org/sites/default/files/eoi-lta_chlorine_chlor-alkali_plant-july_2019_0.pdf

This request invariably that there is no existing Chlorine Chlor-Alkali plant in Msufini area, Kibaha district coast region of Tanzania.


--->>> The Chlorine Chlor-Alkali plant in Msufini area that was supposed to be built in 2018 never happened

--->>> Given the above, Serba will need to write off RM111.113M for the investment in the project; and the RM194.813M receivables that will never be recoverable.


--->>> A total of RM305.926M has to be written off the books for the Tanzania project

TROUBLES IN TANZANIA

Today's review is on Serba's 45 metric tonne per day Chlorine Skid Mounted Chlor-Alkali Plant in Tanzania

Serba's financial and annual reports gave the impression that the project is profitable

RM111.113M from part of the private placements in January 2018 has been spent on the project

The total income recognized (in the receivables) from the Tanzania project is RM194.813M as at 31st March 2021


--- Background ---

Serba announced that SDIL has on 6 October 2017, entered into a Joint Venture Agreement with Junaco (T) Limited (”JTL”) for the establishment and operation of a forty five (45) metric tonne per day Chlorine Skid Mounted Chlor-Alkali Plant in Msufini Area, Mlandizi Ward, Kibaha District Coast Region in Tanzania.

The name and style of the JV Company shall be known as Msufini LLC (subsequently registered as Sufini Holding Ltd.) and shall be registered in one of the economic free zones in the United Arab Emirates. Msufini LLC will hold 100% stake in Msufini Chlor Tanzania Ltd (“Msufini Tanzania”) who will be the direct owner of the Plant.

The shareholding participation of the Parties in the JV Company shall be as follows:
Serba: 25%
Junaco (T) Limited: 75%

A key point in the JVA is that
SDIL undertakes that it shall: -
a) guarantee all borrowings and financing in any form including, but not limited to loans, debentures, bonds and internally generated funds, on its own strength or accord without reliance on JTL or the JV Company to provide additional guarantees, pledges or sureties in the whole financial obligation of the project from planning to commission;

JTL is a locally registered company based in Dar es Salaam, in the United Republic of Tanzania. JTL,is a subsidiary company of Junaco Group of Companies Ltd.

The Directors and shareholders of JTL are Mr Justin Lambert, the Managing Director and Ms. Vedastina Justin, which each currently holds 50% equity interest in JTL.

Photo of the initial works can be seen here : https://www.e-serbadk.com/wp-content/uploads/2020/02/Tanzania-Chlor-Alkali-Plant-Cover-Photo.jpg


--- Funds Used in the Tanzania Project ---

Serba's 31 Dec 2019 Financial Results showed that RM111.113M was used in the Tanzania project
Utilisation of Proceeds from Private Placement on 30 January 2018

Details of utilisation of proceeds: Working capital for the EPCC work in Tanzania
Actual Utilisation: RM 111.113M


--- Income recognized from the Project ---

The total income recognized from the Tanzania project is RM194.813M and comprises:

FYE 2018: RM29.82
FYE 2019: RM104.02
15 months ended 31-03-2021: RM60.973M

The 2019 Annual Report also listed Sufini Holding Ltd. as the JV company that owns the plant in Tanzania

Associate company: Sufini Holding Ltd.
Country of incorporation: Abu Dhabi
Princiapl activities: Special purposed vehicles for the construction of chlor-alkali plant
Effective ownership interest: 25%


Sources:

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=82463&name=EA_GA_ATTACHMENTS
https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=208582&name=EA_FR_ATTACHMENTS
https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=200298&name=EA_DS_ATTACHMENTS
https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=193821&name=EA_DS_ATTACHMENTS
https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=214759&name=EA_FR_ATTACHMENTS

哈哈哈。不怕去荷兰。只是害怕去大巴窑的沙爹店

https://www.straitstimes.com/singapore/health/toa-payoh-hawker-centre-closed-for-deep-cleaning-after-stall-assistant-who

Jessie 这个calvin 是著名误导人的，他是不会回答你的。
反正你听他的可以去荷兰了。
21/07/2021 1:58 PM

calvintaneng,

Nam Taep 1.2.3 Hydropower Company Limited (“NT”), a company incorporated in Lao PDR. NT is the holder of the two (2) concessions for the Project.

NT had entered into 2 power purchase agreements with Électricité du Laos, both dated 8 December 2017, for the sale and purchase of the net electrical output generated from 3x5MW Nam Taep 1 and 3x5MW Nam Taep 2 hydropower energy generating facility, respectively, to be constructed at Ban Nam Taep and Ban Nameuang, Xam Tai District, Houaphan Province, Lao PDR.

In July 2018, Serba got awarded a USD66.2M project by "NT" for the 3x5MW Nam Taep 1 and 3x5MW Nam Taep 2 hydropower energy facility

In June 2020, KPower announced the award by Zhenghong Building Road & Bridge Construction Co Ltd for the 3x5 megawatt (MW) Nam Taep 1 and 3x5MW Nam Taep 2 hydropower energy generating facilities

How can Zhenghong award the same project to KPowernet for US$40.7mil in June 2020, when NT already awarded the project to Serba for USD66.2M in July 2018?

Has NT terminated the contract that was previously signed with Serba?

Nam Samoy Hydropower Co. Ltd. was already listed at the developer of the Nam Samoy project that was intended to qualify as a CDM project in a 2014. How can Zhenghong award the same project to KPower in Feb 2020?

Is there any evidence that Zhenghong has signed PPAs with Électricité du Laos for both projects?

Since Fitch has downgraded Laos country rating to CCC, how are the projects going to be funded?



Sources:

https://www.theedgemarkets.com/article/serba-dinamik-clinches-rm269mil-laos-hydropower-jobs-acquire-15-londonlisted-green-smart

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=90212&name=EA_GA_ATTACHMENTS

https://www.nst.com.my/business/2020/02/567779/kpowers-profit-rises-rm186mil-revenue-surges-more-15-fold

https://www.thestar.com.my/business/business-news/2020/06/29/kpowernet-gets-rm174mil-mini-hydropower-job-in-laos

https://cdm.unfccc.int/Projects/DB/TUEV-RHEIN1437628107.49/view

Corporate Schizophrenia Summary

2016

New Thunder Technical Services LLC was reported to be the client for the Procurement, Fabrication, Construction, and Commissioning services for their end user clients in UAE
There is a 'N E W THUNDER TECHNICAL SERVICES L.L.C' registered in UAE and does hardware trading
The Responsible Manager is an Indian national Abdul Khader Kudroli
N E W THUNDER TECHNICAL SERVICES L.L.C's website is hosted with Penang-based Exabytes and does not contain any office address

In Qatar, revenue contribution was derived from contract with Process Dynamics Company for the provision of topside maintenance service
Process Dynamics Company's website is hosted with Penang-based Exabytes and office address is just a PO box

2017

Lata International Services Ltd was reported to be major client in UAE, but the company was never registered in UAE
'Lata International Trading and Services S.P.C. owned by Sayed Ali Mohamed Baqer Alawi' was registered in Bahrain not UAE
'Lata International Trading and Services S.P.C. owned by Sayed Ali Mohamed Baqer Alawi' was subsequently changed to 'Lata International Trading and Services W.L.L' on 01/12/2020
Sayed Ali Mohamed Baqer Husain Alawi owns 100% of Lata
Lata International Trading and Services W.L.L's website is hosted with Penang-based Yeahhost

2018

Regno International Trading & Services W.L.L was listed as a client in Bahrain
Regno International Trading and Services W.L.L was registered in Bahrain on 17/10/2017
Sayed Ali Mohamed Baqer Husain Alawi owns 99% of Regno International Trading and Services W.L.L and 100% of Lata International Trading and Services W.L.L

Serba got awarded a USD66.2M project by Nam Taep 1,2,3 Hydropower Co Ltd ("NT") in Laos (NT is 70% owned by OHP Ventures)
Serba paid USD800,000 for 49% of OHP Ventures (paid-up capital USD100) from OHP Ventures Sdn Bhd
Serba effectively has 34.3% in NT, the Laos company that awarded the hydropower projects to Serba

2020

Serba announces huge projects with Block 7 Investments L.L.C and Future Digital Data Systems L.L.C. in UAE

Block 7 Investments L.L.C was established in UAE on 25/03/2020 by Mohd Abdul Karim Bin Abdullah
Block 7 website is hosted with GoDaddy (probably RM19.99 /mo WordPress package)

Future Digital Data Systems L.L.C. was established in UAE on 13/01/2020 by Mohd Abdul Karim Bin Abdullah
FDDS' website is hosted with Liquidweb (probably managed WordPress: $19/month)

Zhenghong Building Road & Bridge Construction Co Ltd awarded a '3x5 megawatt (MW) Nam Taep 1 and 3x5MW Nam Taep 2 hydropower' to KPowernet for US$40.7mil

(NT already awarded the 3x5 megawatt (MW) Nam Taep 1 and 3x5MW Nam Taep 2 hydropower project to Serba for US$66.2 million in July 2018)

KPower received and accepted a letter of award from Zhenghong Building Road and Bridge Construction Co Ltd to undertake, among others, the design, supply, construction, commissioning and completion of an eight megawatt hydropower plant at Nam Samoy in Vientiane, Laos.

(Nam Samoy Hydropower Co. Ltd. was already listed at the developer of the Nam Samoy project that was intended to qualify as a Clean Development Mechanism (CDM) project in a 2014)


2021

SDITIL announced project with Captive Technology Solutions Pvt Ltd; and S2CIPL announced project with Analog and Digital Labs India Private Limited in India

Captive Technology Solutions Pvt Ltd is never registered as a company in India, so SDITIL announced an award from a company that does not exist

SERBA2C India Private Limited (S2CIPL) was registered in Tamil Nadu on 11/02/2021
Analog and Digital Labs is allegedly already in the business of traffic management, CCTV and surveillance solutions
But Serba ('S2CIPL') will be allegedly supplying CCTV and surveillance solutions to Analog and Digital Labs

Hahaha

suepipi and conpipi are Bilis created for Sharks to kill and eat

I hunt sharks as a hobby. Superior stock and ChinKiang vinegar standby for the soup.

"When the buying stops, the killing can too"



i3lurker You already KNOW EVERYTHING

they might do a "Jalil Ibrahim" on you....
better dun have coffee inside hotel rooms with unknowns who could be conpipi himself

both suepipi and conpipi already threatened to kill you.

next step is just Execution only

Steady Punpipi Remember uncle Tan ....? I3Lurker , Bobvic96, Huangbk72, Mikecyc, ....dumb crab kon gang on interpol lists of SDK malicious news spreader ....you are on wanted dead lists ..hahaha
20/07/2021 11:49 AM


Posted by PSAi3alert > Jul 20, 2021 4:45 PM | Report Abuse

Corporate schizophrenia in Laos



29 June 2020

KPowernet told Bursa Malaysia today that it was awarded a US$40.7mil (RM174.5mil) contract by Zhenghong Building Road & Bridge Construction Co Ltd to build two hydropower energy facilities in Houaphan province.

The latest contract is for the supply, construction, commissioning and completion of the civil work for the development of 3x5 megawatt (MW) Nam Taep 1 and 3x5MW Nam Taep 2 hydropower energy generating facilities.

--->>> NT already awarded the 3x5 megawatt (MW) Nam Taep 1 and 3x5MW Nam Taep 2 hydropower project to Serba for US$66.2 million in July 2018
--->>> Zhenghong Building Road & Bridge Construction Co Ltd is now awarding the same project to KPowernet for US$40.7mil?!
20/07/2021 5:11 PM

Sources for Laos sojourn:

https://www.theedgemarkets.com/article/serba-dinamik-clinches-rm269mil-laos-hydropower-jobs-acquire-15-londonlisted-green-smart

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=90212&name=EA_GA_ATTACHMENTS

https://www.nst.com.my/business/2020/02/567779/kpowers-profit-rises-rm186mil-revenue-surges-more-15-fold

https://www.thestar.com.my/business/business-news/2020/06/29/kpowernet-gets-rm174mil-mini-hydropower-job-in-laos

https://cdm.unfccc.int/Projects/DB/TUEV-RHEIN1437628107.49/view

Corporate schizophrenia in Laos

January 2018

OHP Ventures was incorporated in the Federal Territory of Labuan, Malaysia on 27 February 2018 as a private limited company under the Labuan Companies Act 1990.

The total issued and paid-up share capital of OHP Ventures is USD 100

OHP Ventures has entered into a joint development agreement with Thavone Athsamouth dated 9 January 2018 for the development, financing, construction, commissioning and operation and maintenance of two (2) mini hydro installations/projects with an aggregate capacity of 30MW in the district of Houaphan, Lao People's Democratic Republic (“Lao PDR”) (“Project”). The Project had commenced in July 2018 and shall be completed by January 2022.

OHP Ventures owns seventy percent (70%) of the issued and paid-up shares in Nam Taep 1.2.3 Hydropower Company Limited (“NT”), a company incorporated in Lao PDR. NT is the holder of the two (2) concessions for the Project. NT had entered into two (2) power purchase agreements (“PPAs”) with Électricité du Laos, both dated 8 December 2017, for the sale and purchase of the net electrical output generated from 3x5MW Nam Taep 1 and 3x5MW Nam Taep 2 hydropower energy generating facility, respectively, to be constructed at Ban Nam Taep and Ban Nameuang, Xam Tai District, Houaphan Province, Lao PDR.

OHP Ventures Sdn Bhd ("OHPVSB") as at February 2018 owned the entire issued and paid-up share capital of OHP Ventures.


19 July, 2018

Serba Dinamik Holdings Bhd has secured an engineering, procurement, construction and commissioning (EPCC) contract to build two hydro power plants in Laos, which will have the capacity to generate 30 megawatt (MW) of electricity for US$66.2 million, equivalent to RM268.8 million.

Serba Dinamik said the contract was awarded by Nam Taep 1,2,3 Hydropower Co Ltd ("NT") to its wholly-owned subsidiary Serba Dinamik International Ltd, which is valid throughout the next 43 months or 3.6 years.

--->>> Serba got awarded a USD66.2M project by "NT" (70% owned by OHP Ventures)


16 Oct 2018

The Board of Directors of SDHB (“Board”) wishes to announce that the Company’s whollyowned subsidiary, SDIL had on 15 October 2018, entered into a share sale and purchase agreement (“SSA”) with OHPVSB to acquire forty nine percent (49%) equity interest held by OHPVSB in OHP Ventures (“Sale Shares”) for the Purchase Consideration (“Proposed Acquisition”).

Upon completion of the Proposed Acquisition, OHP Ventures will become a forty nine percent (49%)-owned associated company of SDIL. SDIL and OHPVSB are hereinafter either individually referred to as the “Party” or collectively as the “Parties”. Further details of the Proposed Acquisition are set out in the ensuing sections.

Sharifah Irina Binti Syed Ahmad Radzi (“Sharifah” or the “Interested Director”) is the
Independent Non-Executive Director of SDHB. She is related to one of the directors and
shareholders of OHPVSB and accordingly, she is deemed interested in the Proposed
Acquisition.

--->>> OHP Ventures has 70% interest in NT
--->>> Serba paid USD800,000 for 49% of OHP Ventures (paid-up capital USD100) from OHPVSB
--->>> Serba effectively has 34.3% in NT


21 February 2020

He said KPOwer had recently received and accepted a letter of award from Zhenghong Building Road and Bridge Construction Co Ltd to undertake, among others, the design, supply, construction, commissioning and completion of an eight megawatt hydropower plant at Nam Samoy in Vientiane, Laos.

--->>> Nam Samoy Hydropower Co. Ltd. was already listed at the developer of the Nam Samoy project that was intended to qualify as a Clean Development Mechanism (CDM) project in a 2014

https://cdm.unfccc.int/Projects/DB/TUEV-RHEIN1437628107.49/view


29 June 2020

KPowernet told Bursa Malaysia today that it was awarded a US$40.7mil (RM174.5mil) contract by Zhenghong Building Road & Bridge Construction Co Ltd to build two hydropower energy facilities in Houaphan province.

The latest contract is for the supply, construction, commissioning and completion of the civil work for the development of 3x5 megawatt (MW) Nam Taep 1 and 3x5MW Nam Taep 2 hydropower energy generating facilities.

--->>> NT already awarded the 3x5 megawatt (MW) Nam Taep 1 and 3x5MW Nam Taep 2 hydropower project to Serba for US$66.2 million in July 2018
--->>> Zhenghong Building Road & Bridge Construction Co Ltd is now awarding the same project to KPowernet for US$40.7mil?!

Thanks. Trying to learn who's who.

Mabel and Mikecyc are sworn enemies from Battle of Red Cliffs

Mikecyc is DickyMee (and possibly Ppmaster as well)

Have tried to understand the characters in PA Resources - scenery, UlarSawa, dragonslayer, etc but gave up. That thread has way too much verbal diarrhea.



i3lurker Unclear Lim is already an extremely well known liar in Sapura and Velesto...

Nobody believes Unclear Lim anymore...

at least Unclear Lim does not threaten murder or threaten to kill you unlike the following:-

Steady Punpipi Remember uncle Tan ....? I3Lurker , Bobvic96, Huangbk72, Mikecyc, ....dumb crab kon gang on interpol lists of SDK malicious news spreader ....you are on wanted dead lists ..hahaha
20/07/2021 11:49 AM
20/07/2021 12:54 PM

Anyone stuck with Sapura Energy at 0.415? Uncle Lim Urine can give money.



Stock: [SAPNRG]: SAPURA ENERGY BHD

Posted by Uncle_Lim > Sep 27, 2018 10:50 AM

Guijc: im still holding my .345 100 mil shares, we blocked the queue at .415 but none matched
as I said, we are going to push to .6
this morning we give way to AffinHwang nominees to collect.


Uncle_Lim Interpol pulak? If you stuck high price say lo. Uncle give money average down
20/07/2021 12:41 PM

Interpol is the International Criminal Police Organization

A Red Notice is issued by the enforcement agency in member countries

Impersonating a policeman or inducing someone to believe the same is an offence:

- Impersonation under Section 170 of the Penal Code carries a jail term of up to two years or a fine or both

- offence under Section 89(a) of the Police Act carries a maximum fine of RM500 or a jail term of up to six months or both


Steady Punpipi Remember uncle Tan ....? I3Lurker , Bobvic96, Huangbk72, Mikecyc, ....dumb crab kon gang on interpol lists of SDK malicious news spreader ....you are on wanted dead lists ..hahaha
20/07/2021 11:49 AM

On the 18th of July 2021, Serba held a photo-op for the launching of internet satellite service at Jeli

https://www.bharian.com.my/bisnes/korporat/2021/07/840691/serba-dinamik-bantu

I hereby make the following accusations:

- Network Innovations is a reseller Inmarsat's BGAN that provide satellite internet services at speeds up to 492Kbps

- Serba is only a sub-reseller of Network Innovations' internet connectivity services

- equating a sub-reseller of satellite internet services with a bona fide space technology company is fake news

- Datuk Seri Mustapa Mohamed has violated SOPs for the second time

- Serba does not have NFP or NSP licenses by MCMC to provide Internet services and has broken the law

- https://www.mcmc.gov.my/en/legal/registers/cma-registers/register-of-individual-licences-section-42-2/individual-licences-register


Measat has both NFP and NSP licenses and have already installed the 1,000th satellite broadband service for rural areas in Dec 2020

Measat's ConnectMe offers download speeds of up to 30MBps and will offer faster speeds up to 100Mbps in 2022

https://www.thestar.com.my/news/nation/2010/01/15/lebanese-billionaire-done-in-by-his-own-generosity

The self-proclaimed “billionaire” Elie Youseef Najem shall pay using US Dollar Benjamin Franklin notes with face value of USD1,000,000.00



i3lurker if indeed true that
Serba is the customer,
Serba is the supplier
and
Serba is also the Sub-contractor,

=> this is indeed Good news if true.

Turnover can reach USD100 Trillion loh

you share could be worth USD1,000,000.00 each


19/07/2021 6:58 PM

bobvic96,

Each named client in UAE, Qatar, Bahrain and India appeared dubious. The Tanzania project is also at risk (Sufini at UAE and Junaco).

It's hard to say how much of the 6B worth of PPE, Inventories and receivables are real.

What is definitely real is the 4B of loans and borrowings.

It might be cheaper to wind up the company.



bobvic96 I would like to believe so too but with the information PSAI3Alert has found, I do not think that can be the case unless the original BoD step down and let the government salvage the company with a huge impairment.


19/07/2021 5:46 PM

Huangbk72,

Can only say he has 778,876,370 shares.

Cannot mention the outstanding loan of RM200M+ and the force selling price of 0.35 that will trigger an avalanche.


The photo-op for the launching of internet satellite service at Jeli yesterday was aimed towards promotion of space technology capabilities.

https://www.bharian.com.my/bisnes/korporat/2021/07/840691/serba-dinamik-bantu

When you were to look at the picture in the above article, please do not say any of the following:

- Serba is only a sub-reseller of Network Innovations' internet connectivity services at speeds up to 492Kbps (Inmarsat's BGAN)

- The guy holding the mobile phone could not load any app with 492Kpbs

- Datuk Seri Mustapa Mohamed was looking worried in case he's caught for violating SOPs for the second time

- Serba does not have NFP or NSP licenses by MCMC to provide Internet services

- Measat has both NFP and NSP licenses and have already installed the 1,000th satellite broadband service for rural areas in Dec 2020

- Measat's ConnectMe offers download speeds of up to 30MBps and will offer faster speeds up to 100Mbps in 2022



Huangbk72 @PSAi3alert

Haha.. okok.. shhhhh

But you forgot something also.... the number of shares still held by Chef K pending margin call.. LOL
19/07/2021 5:28 PM

Huangbk72,

Shhhhh. Cannot mention the shares sold (235.1852M shares) . Can just highlight the 10M shares bought.

28/06/2021 Sold 46,300,000
29/06/2021 Sold 61,707,000
29/06/2021 Sold 95,000,000
30/06/2021 Sold 10,178,200
01/07/2021 Sold 22,000,000
12/07/2021 Bought 10,000,000


Huangbk72 IbnuShaari If the book is clear, you won't get this price, so it is your choice, buy and keep or wait until the price is perhaps doubled than the current price upon completion of the audit. The price also can drop further if the book is not clear. Looking into Karim's action to buy back, he is so confident that the price will be moving up further, else why he keeps buying instead of selling?
19/07/2021 5:02 PM

Fake news!!!

Chef K sold more than he bought la.. hahhahaha
19/07/2021 5:07 PM

Pentatonix

"Fools", said I, "You do not know
Silence like a cancer grows
Hear my words that I might teach you
Take my arms that I might reach you"
But my words, like silent raindrops fell
And echoed
In the wells of silence

And the people bowed and prayed
To the neon god they made
And the sign flashed out its warning
In the words that it was forming
And the sign said, "The words of the prophets are written on the subway walls
And tenement halls"
And whispered in the sound of silence

.

Rj87, using PP and RI to fund non-existent revenue IS illegal and probably violated all the following sections of the Securities Act:

84. False trading and market rigging transaction
85. Stock market manipulations
86. False or misleading statements, etc.
89. Insider trading

My previous posts have shown that Serba has become brazen over the years and progressed to self-proxy and usage of non-existent companies to report contracts and revenue.

2016

New Thunder Technical Services LLC was reported to be the client for the Procurement, Fabrication, Construction, and Commissioning services for their end user clients in UAE
There is a 'N E W THUNDER TECHNICAL SERVICES L.L.C' registered in UAE and does hardware trading
The Responsible Manager is an Indian national Abdul Khader Kudroli
N E W THUNDER TECHNICAL SERVICES L.L.C's website is hosted with Penang-based Exabytes and does not contain any office address

In Qatar, revenue contribution was derived from contract with Process Dynamics Company for the provision of topside maintenance service
Process Dynamics Company's website is hosted with Penang-based Exabytes and office address is just a PO box

2017

Lata International Services Ltd was reported to be major client in UAE, but the company was never registered in UAE
'Lata International Trading and Services S.P.C. owned by Sayed Ali Mohamed Baqer Alawi' was registered in Bahrain not UAE
'Lata International Trading and Services S.P.C. owned by Sayed Ali Mohamed Baqer Alawi' was subsequently changed to 'Lata International Trading and Services W.L.L' on 01/12/2020
Sayed Ali Mohamed Baqer Husain Alawi owns 100% of Lata
Lata International Trading and Services W.L.L's website is hosted with Penang-based Yeahhost

2018

Regno International Trading & Services W.L.L was listed as a client in Bahrain
Regno International Trading and Services W.L.L was registered in Bahrain on 17/10/2017
Sayed Ali Mohamed Baqer Husain Alawi owns 99% of Regno International Trading and Services W.L.L and 100% of Lata International Trading and Services W.L.L

2020

Serba announces huge projects with Block 7 Investments L.L.C and Future Digital Data Systems L.L.C. in UAE

Block 7 Investments L.L.C was established in UAE on 25/03/2020 by Mohd Abdul Karim Bin Abdullah
Block 7 website is hosted with GoDaddy (probably RM19.99 /mo WordPress package)

Future Digital Data Systems L.L.C. was established in UAE on 13/01/2020 by Mohd Abdul Karim Bin Abdullah
FDDS' website is hosted with Liquidweb (probably managed WordPress: $19/month)

2021

SDITIL announced project with Captive Technology Solutions Pvt Ltd; and S2CIPL announced project with Analog and Digital Labs India Private Limited in India

Captive Technology Solutions Pvt Ltd is never registered as a company in India

SERBA2C India Private Limited (S2CIPL) was registered in Tamil Nadu on 11/02/2021
Analog and Digital Labs is allegedly already in the business of traffic management, CCTV and surveillance solutions
But Serba ('S2CIPL') will be allegedly supplying CCTV and surveillance solutions to Analog and Digital Labs


Company search portals:
https://www.sijilat.bh/
https://u.ae/en/information-and-services/business/inquire-about-licences-names-and-activities
https://www.mca.gov.in/mcafoportal/showCheckCompanyName.do
https://eservices.qfc.qa/qfcpublicregister/publicregister.aspx



RJ87 Basically, BAD BUSINESS practice. Nothing illegal. It's just unethical. Plain bad business practice.

You know what's worse? ur CEO is vocal about it. SD pays SD that pays SD. NOTHING WRONG.
Doing #shit like is normal. What's not normal is being vocal about it.

If he show any competence to evade implication still got hope. The moment he disclose SD own EFIRE capital and says nothing wrong; all analyst across institutions downgrades SD.
19/07/2021 10:08 AM

https://www.klsescreener.com/v2/news/view/855929/serba-dinamik-bantu-selesaikan-masalah-internet-di-jeli

FACT CHECKS ON THE PRESS RELEASE ABOVE

Network Innovations is a managed network services company and they are a reseller of satellite capacity ( https://www.networkinv.com/service/managed-network-services/ ).

Network Innovations resells Inmarsat's BGAN (Broadband Global Area Network) satellite communications. Based on IP technology, BGAN enables internet connectivity at speeds up to 492Kbps.

Serba became a sub-reseller of Network Innovations' internet connectivity services at speeds up to 492Kbps. Suggesting rocket and satellite launching capability is pure absurdity.

Elon Musk’s SpaceX has a satellite broadband service that’s called the Starlink.

SpaceX has deployed over a thousand small satellites in low earth orbit which promises to provide high-speed internet access with significantly lower latency compared to existing satellite providers. Starlink is currently running as a beta service in select markets. Beta users can expect speeds of 50Mbps to 150Mbps with latency of 20-40ms.

To provide a commercial broadband service, SpaceX would need to a Network Facility or Service Provider license (NFP/NSP) from the Malaysian Communications and Multimedia Commission. Space X or Starlink has yet to obtain the NFP/NSP license from MCMC.

At the moment, the main satellite broadband provider in the country is Measat’s ConnectMe which currently offers download speeds of up 30Mbps. ConnectMe will soon offer faster speeds up to 100Mbps once they launch Measat-3d which is currently scheduled for 2022.

As at Dec 2020, MEASAT Global Berhad (MEASAT) which runs ConnectMe satellite broadband service has reached its 1,000 sites milestone with its deployment at Data Kakus in Sarawak.


>>> Measat has installed the 1,000th satellite broadband service in Dec 2020
>>> Measat's ConnectMe offers download speeds of up to 30MBps and will offer faster speeds up to 100Mbps in 2022
>>> Measat has NFP and NSP licenses issued by MCMC

>>> Serba is a sub-reseller of Network Innovations (that in turn is a reseller of Inmarsat's BGAN) satellite internet connectivity services at speeds up to 492Kbps
>>> Serba does not have NFP or NSP licenses by MCMC
>>> Mustapa Mohamed has violated proximity SOPs during Serba's photo-op at Jeli. He may need to apologize again (June's SOP violation
https://www.nst.com.my/news/nation/2021/06/702805/mustapa-apologises-sop-violation )


Licensing check at MCMC
https://www.mcmc.gov.my/en/legal/registers/cma-registers/register-of-individual-licences-section-42-2/individual-licences-register

https://www.theedgemarkets.com/article/serba-dinamik-unit-gets-rm147b-job-build-data-centre-abu-dhabi

KUALA LUMPUR (Aug 6): Serba Dinamik Holdings Bhd said today its wholly-owned subsidiary Serba Dinamik International Ltd (SDIL) had yesterday (Aug 5) accepted a letter of award from Future Digital Data Systems LLC (FDDS) to build a data centre for US$350 million (about RM1.47 billion).

"The project forms part of FDDS’s initiatives to develop (a) series of data centres across the Middle East and North Africa (MENA) region, that will support the activities in Abu Dhabi and also provide services to the rest of the Gulf Corporation Council (GCC), to address the growing need in the market, due to the emergence of Cloud, Artificial Intelligence, Machine Learning, Internet of Things (IoT) and Big Data Analytics."

Future Digital Data Systems LLC domain name is at:

fdds.ae
Managed WordPress: $19/month
Hosting company: liquidweb.com

Contact details for Future Digital Data Systems LLC listed at website:

PHONE +971 2 5504023

EMAIL info@fdds.ae

ADDRESS Lulu Street – Abu Dhabi – United Arab Emirates

A search was performed at UAE's Ministry of Economy site and returned the following

Business Name English: FUTURE DIGITAL DATA SYSTEMS . L.L.C.
Establish date: 13/01/2020
BA Desc English: services and facilities of oil and gas fields of land and sea,Computer Infrastructure Establishment, Institution and Maintenance,Wholesale of Computers And Outfit Trading,Wholesale of Computer Outfit And Data Processing Trading,Retai sale of Computers And Outfit ,Retail sale of Computer Outfit And Data Processing,Computer Systems and Software Designing,Information Technology Consultancy,Services, management and operation of computer networks,Information Technology Network Services,Data Storing and Recovering,
Full address: Bur Dubai Jebel Ali Industrial
Mobile No: 971509015500
Full address: جزيرة ابوظبي, شرق 3, 0 : ~, مبنى, السيد صلاح سالم عمير شرق 3 جزيرة ابوظبي أبوظبي
Responsible Manager: Mohd Abdul Karim Bin Abdullah

(Note: The mobile No, address and responsible manager for FDDS are exactly the same as Block 7)


>>> Serba is the contractor, Serba is the proxy and Serba is the Customer.

>>> If it's not fraud, what is it? Corporate schizophrenia?

Captive Technology Solutions Pvt Ltd does not have any web presence

Analog and Digital Labs India Private Limited's web presence shows:

https://www.and-labs.com

"Analog & Digital Labs (A&D) is a Research and Development company headquartered in Coimbatore, which is committed towards innovation and revolutioning Traffic intelligence, IoT based solutions, Artificial Integlligence,Video surveillance and safe and security solutions in India.

Established in 2009

Our product division offers AI and IoT based products that helps you to overcome some of the key challenges in the field of Intelligent Traffic Engineering and Law Enforcement Solution.

Services: City area surveillance cameras, traffice signals, command & control turnkey solutions, IOT services"


Checks with India's Ministry of Corporate Affairs show that:

- Captive Technology Solutions Pvt Ltd is not a registered company in India

- SERBA2C India Private Limited Tamil Nadu was registered on 11/02/2021

- Analog and Digital Labs India Private Limited was registered 04/01/2019

LLPIN/CIN/Form INC-1 Ref No: U72500TN2021PTC141351
SERBA2C India Private Limited Tamil Nadu 11/02/2021

LLPIN/CIN/Form INC-1 Ref No: U75300TZ2019PTC031472
Analog and Digital Labs India Private Limited Tamil Nadu 04/01/2019


FACT CHECKS IMPLICATION:

--> Analog and Digital Labs India Private Limited claims to be established in 2009 and actually registered only in 2019

--> Analog and Digital Labs India Private Limited strengths are allegedly in traffic management systems, surveillance cameras, command & control solutions and IOT services

--> Captive Technology Solutions Pvt Ltd is never registered in India

--> SERBA2C India Private Limited (S2CIPL) was registered in India on 11/02/2021

--> SDITIL will be supplying traffic management system to a non-entity (Captive Tech)

--> S2CIPL will be supplying CCTV and surveillance solutions to Analog and Digital Labs; when Analog and Digital Labs is allegedly already in the business of traffic management, CCTV and surveillance solutions



p.s. Even a basic task of closing SSH port 22 at e-serbadk.com (IP address 13.213.0.195) has not been done.

On the 9th of March 2021, Serba announced RM408.8M contracts in India and Indonesia.

Key points from an article published in The Star are reproduced below:


https://www.thestar.com.my/business/business-news/2021/03/09/serba-dinamik-secures-rm4088m-contracts-in-india-and-indonesia

KUALA LUMPUR: Serba Dinamik Bhd group has secured an operations and maintenance (O&M) contracts and three information, communication & technology (ICT) jobs worth US$99.6mil (RM408.80mil).

It announced to Bursa Malaysia its unit SDIT International Ltd bagged an ICT contract while its 49% associate Serba2C India Private Limited secured two ICT contracts in India. Its 75% owned PT Serba Dinamik Indonesia secured one O&M contract.

“The combined estimated contract value of the contracts secured above is approximately US$99.60mil, ” it said.

SDIT will provide the design, installation and commission and facilitation of integrated adaptive traffic management system to Captive Technology Solutions Pvt Ltd in India.

In India, it will supply and install CCTV Surveillance in Vizag and also supply, install, implement and maintain Chennai’s safe city project. Both projects are for Analog and Digital Labs India Private Ltd

“The ICT projects in India demonstrate our serious efforts to embrace digital transformation while bolstering and sustaining our core competencies with O&M projects in Malaysia and Indonesia. These ICT projects will intensify our market presence in India, adding to the smart solutions project for the development of smart and safe city.

Company: SDITIL
Contract Title: Design, supply, installation, testing, commission and facilitation of Integrated Adaptive Traffic Management System
Client: Captive Technology Solutions Pvt Limited
Duration: 5 February 2021 4 February 2028

Company: S2CIPL
Contract Title: Supply and installation of CCTV Surveillance in Vizag
Client: Analog and Digital Labs India Private Limited
Duration: 3 March2021 - 2 September 2021

Company: S2CIPL
Contract Title: Supply, installation, implementation and maintenance of Chennai Safe City project
Client: Analog and Digital Labs India Private Limited
Duration: 3 March 2021 - 2 March 2027

No thanks, I do not accept free tickets.

I paid for my own business class airfare and lodging at the Burj.



7chewe

free tickets to verify block 7, anyone? (haters)

do not just keep asking My Google OR "truecallers"

:)
17/07/2021 2:15 PM

piranha88,

KPMG probably realized the confirmation fraud last year. Serba probably tried to falsify transactions with Petronas companies. Unfortunately for them, KPMG is the auditor for all Petronas companies. That would have been the snowflakes that started the current avalanche of investigations.



piranha88 @PSAi3alert

Interesting. Good sleuthing but does this mean all this while KPMG has been sleeping and only recently woke up after they were sued for being negligent in their handling of 1MDB?
17/07/2021 2:11 PM

"Serba Dinamik CEO: Block 7 deal not a related party transaction as I didn't take up shares personally"
https://www.theedgemarkets.com/article/serba-dinamik-ceo-block-7-deal-not-related-party-transaction-i-didnt-take-shares-personally

The key points of The Edge article are:
- RM7.7 billion project with little-known Block 7 Investment LLC was secured by Serba Dinamik’s wholly-owned subsidiary Serba Dinamik Investment Ltd (SDIL) in April 2020
- Block 7 was then owned by UAE-based LIWA Investment Holding, Serba Dinamik said in a reply to The Edge
- In March 2020, LIWA transferred its stake in Block 7 to EFIRE Capital, which is owned by SDIL and LIWA on a 51:49 basis, Serba Dinamik said.

The chronology of events stated by Karim are:

1) LIWA owns Block 7 on or before March 2020

2) In March 2020, LIWA transferred stake in Block 7 to EFIRE Capital

3) In March 2020, EFIRE CAPITAL is owned by SDIL and LIWA on a 51:49 basis

4) In April 2020, SDIL announced a RM7.7 billion project with Block 7

Checks with UAE's Ministry of Economy's portal shows that Block 7 was established on 25th March 2020 and the responsible manager is Mohd Abdul Karim Bin Abdullah; and Efire Capital was established on the 4th August 2020

So the chronology of events as stated by Karim is obviously not true:

1) LIWA owns Block 7 on or before March 2020
---> Block 7 was established by Karim on the 25th March 2020

2) In March 2020, LIWA transferred stake in Block 7 to EFIRE Capital
---> EFIRE Capital was not established until August 2020

3) In March 2020, EFIRE CAPITAL is owned by SDIL and LIWA on a 51:49 basis
---> EFIRE Capital was not established until August 2020

4) On the 15th April 2020, SDIL announced a RM7.7 billion project with Block 7 ( https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=102515&name=EA_GA_ATTACHMENTS )

---> SDIL effectively announced a RM7.7 billion project with a company that was established less than 1 month prior to the announcement; and the responsible manager for the establishment of the company was Mohd Abdul Karim Bin Abdullah




***** Searches with UAE's Ministry of Economy below *****

Business Name English: BLOCK 7 INVESTMENTS L.L.C.
Establish date: 25/03/2020
BA Desc English: Commercial Enterprises Investment, Institution and Management,Industrial Enterprises Investment, Institution and Management,Agricultural Enterprises Investment, Institution and Management,Real Estate Enterprises Investment, Development, Institution and Management,Tourist Enterprises Investment, Institution and Management,Entertainment Enterprises Investment, Institution and Management,Infrastructure Enterprises Investment, Institution and Management,Power Enterprises Investment, Institution and Management,Real Estate Lease and Management Services,
Full address: جزيرة ابوظبي, شرق 3, 0 : ~, مبنى, السيد صلاح سالم عمير شرق 3 جزيرة ابوظبي أبوظبي
Mbile No: 971509015500
Responsible Manager: Mohd Abdul Karim Bin Abdullah


Business Name English: EFIRE CAPITAL INTERNATIONAL HOLDINGS LTD
Establish date: 04/08/2020
BA Desc English: Special purpose company,Special purpose vehicle,
Full address: Adgm Square Al Maryah Island Al Sila Tower

Huangbk72,

It's not a case of doing business with shady companies.

They are creating shell companies and reporting fictitious revenue.

By creating more lies to cover the previous ones, more incriminating evidence is being breadcrumbed everywhere.

Just look at the mistakes in Lata International Services Ltd:

- Lata was reported to have contributed the bulk of UAE's revenue of RM289.66 million in FYE2017
- lataintl.com website was created on 2016-04-21 and is hosted with Yeahhost of Penang
- the company name Lata International Trading and Services S.P.C owned by Sayed Ali Mohamed Baqer Alawi was established on 03/02/3016 in Bahrain ( wrong country, wrong name!!!)
- 01/12/2020 changed company name to Lata International Trading and Services W.L.L (but forgot/lazy to change website's logo)


And mistakes in Regno International Trading & Services W.L.L:

- In Serba's 2018 annual report, Regno International Trading & Services W.L.L was listed as a client in Bahrain
- Regno International Trading and Services W.L.L was registered on 17/10/2017
- Sayed Ali Mohamed Baqer Husain Alawi owns 99% of Regno International Trading and Services W.L.L and 100% of Lata International Trading and Services W.L.L
- 10/03/2020 change address to be same as Lata
- 18/10/2020 DELETED BY LAW (for whatever reasons)
- 28/10/2020 REVIVE CR (quickly revive company, well not exactly quickly)



Huangbk72 @/psai3alert

Good work…

The info you found sure looks bad..

Billion revenue SD doing business with shady companies.. hahaha

Every year will have this talk :

CFO: Boss… this year can give magic number ah?? How high GP and NP u want??

Boss reply: Keep number 1811… my lucky number.. means everyday Fatt..

CFO: ok boss.. kaotim. But boss.. we have so many clients, so many different business, keep 1811 very strange.. how to explain EVERY CONTRACT we sign have 18% GP regardless of country and financial year ?? Who believes? I can probably adjust 11% NP.. but tricky la 18% GP.

Boss: never mind, many blind people including our auditors.. they only look at NP.. just do it
17/07/2021 5:43 AM

Serba 2016 annual report - UAE Customer: New Thunder Technical Services

"In the United Arab Emirates, our revenue continued to increase in FYE 2016 due to our EPCC project with New Thunder Technical Services LLC. for the Procurement, Fabrication, Construction, and Commissioning services for their end user clients which contributed approximately RM43.4 million....

The website for New Thunder Technical Services , new-thunder.com , was created on the 2016-12-06 and is hosted with Penang based Exabytes.

The website stated - "Based in Dubai, U.A.E. New Thunder Technical Services. L.L.C. has its roots dating back to 1993"

Contact : web form only, no physical address listed at site.

Company: New Thunder Technical Services
Domain name: new-thunder.com
Created: 2016-12-06 17:29:07 UTC
Hosted by: Exabytes

A search was performed at UAE's Ministry of Economy site and returned the following:

A company with the name of N E W THUNDER TECHNICAL SERVICES L.L.C was established only in 2012.

Business Name English: N E W THUNDER TECHNICAL SERVICES L.L.C
Establish date: 22/05/2012
BA Desc English: Specialized Piping & Related Fittings Contracting,
Full address: Bur Dubai Jebel Ali Industrial
Phone: 971-4-8845829
Fax: 971-4-8845829
Responsible Manager: ABDUL KHADER KUDROLI

In Serba's 2018 annual report, Regno International Trading & Services W.L.L was listed as a client in Bahrain.

"During the year, Serba Dinamik secured a new IRM contract with Regno International Trading & Services W.L.L. which should contribute
positively to the country’s revenue generation."

Regno International does not have any web presence.

A search at the Bahrain's Commerical Registration portal returned a result.

Regno International Trading and Services W.L.L was registered on 17/10/2017.

It's address was changed to the current address on the 10/03/2020.

Currently, Regno International Trading and Services W.L.L and Lata International Trading and Services W.L.L has the same address, email and phone number.

Sayed Ali Mohamed Baqer Husain Alawi owns 99% of Regno International Trading and Services W.L.L and 100% of Lata International Trading and Services W.L.L


Commercial Name (English) REGNO INTERNATIONAL TRADING AND SERVICES W.L.L
Registration Date: 17/10/2017

Flat/Shop No.: 42
Building:421
Road/Street: 1805
Block: 318
Town: MANAMA / ALHOORA
Email: s.3li.89@hotmail.com
Phone No.2: ( +973 ) 37774479


Amendment History

10/03/2020 CHANGE COM-ADDRESS
Old Address:
Flat/Shop No.: 91
Building: 8
Road/Street: 1901
Block: 318
Town: MANAMA / ALHOORA
Email: s.3li.89@hotmail.com
Phone No.2: ( +973 ) 37774479

18/10/2020 DELETED BY LAW

28/10/2020 REVIVE CR


Shareholders and Partners

Name (English) Nationality Number of Shares Ownership (%)
HAWRA MOHAMED REDHA EBRAHIM YUSUF EBRAHIM BAHRAINI 2 1
SAYED ALI MOHAMED BAQER HUSAIN ALAWI BAHRAINI 198 99

Serba 2017 Annual report listed Lata International Services Ltd as a client from UAE.

"Revenue generated in UAE grew by 35.67% from RM213.50 million in FYE2016 to RM289.66 million in FYE2017. This revenue was mostly generated from our EPCC contracts with Lata International Services Ltd which provides its services to local end user clients in the oil & gas sector."

The website for Lata International Services Ltd , lataintl.com , was created on the 21st April 2016 and is hosted with Penang based Yeahhost.

Nameservers:
NS1519.SECUREN.NET
NS1520.SECUREN.NET
Dates Registry Expiration: 2026-04-21 14:49:26 UTC
Created: 2016-04-21 14:49:26 UTC
Hosting company: Penang based Yeahhost

There is no company by the name of Lata International Trading and Services that is registered with the UAE's Ministry of Economy.

A search at the Bahrain's Commerical Registration portal returned a result.

The company LATA INTERNATIONAL TRADING AND SERVICES S.P.C. OWNED BY SAYED ALI MOHAMED BAQER ALAWI was established on 03/02/2016 and it's name was changed to LATA INTERNATIONAL TRADING AND SERVICES W.L.L on 01/12/2020.


Commercial Name (English) LATA INTERNATIONAL TRADING AND SERVICES W.L.L
Registration Date: 03/02/2016

Flat/Shop No.: 42
Building:421
Road/Street: 1805
Block: 318
Town: MANAMA / ALHOORA
Email: s.3li.89@hotmail.com
Phone No.2: ( +973 ) 37774479

Amendment History

01/12/2020 CHANGE COM NAME
Old Name: LATA INTERNATIONAL TRADING AND SERVICES S.P.C. OWNED BY SAYED ALI MOHAMED BAQER ALAWI
New Name: Lata International Trading and Services W.L.L


Shareholders and Partners

Name (English) Nationality Number of Shares Ownership (%)

SAYED ALI MOHAMED BAQER HUSAIN ALAWI BAHRAINI 500 100

Post the press conference by Serba, both the CEO and the Chairman through their unequivocal statements that the financial accounts are true, have effectively take on criminal and civil liabilities upon themselves.

Disinterested shareholders prior to the red flag by KPMG may potentially have a cause of action.

However recent cases around the world suggest that it will be the receivers who will file the suit against the auditor for negligence. And it will probably be after recovery actions against the officers and directors during the material time.

[Recent shareholder/punters/speculators already aware of the issues . They will lose their class act suit in all stages - High Court, Court of Appeal and Leave application to Federal Court}


EY failure to detect €1.9B hole in Wirecard
-> More than 280 lawsuits, claiming around €42m in total, from Wirecard investors against EY have been filed at the Stuttgart Regional Court

EY failure to detect USD4B worth of debts hidden from NMC's balance sheet
-> Administrators of NMC preparing £1B lawsuit against EY

KPMG negligence in its audits of the Carillion group that collapsed with £7B in 2018
-> UK agency tasked with unwinding Carillion is claiming £250M from KPMG ( £234.2m in dividends that were paid out to Carillion’s shareholders between 2014 and 2016, as well as advisers’ fees of £17m “which would not have been paid if the misstatements in the financial statements had been detected by KPMG”)



Huangbk72 For discussion sake.. if the above are confirmed to be bogus companies stretching back to 2016, does the shareholders of SD have the "right" to sue KPMG for negligent auditing?

I hope they do...
16/07/2021 12:33 PM

Billing method is irrelevant

Milestone billing of fake customers = fake milestone billings

Periodic billing of fake customers = fake periodic billings

Progress billing of fake customers = fake progress billings

When the customers are fake, the accounts will also be fictitious

Fake customers:

Regno International Trading & Services W.L.L., Bahrain

Unnamed Customer, India - RM16.55M in 2019

Lata International Services Ltd, UAE - RM289.66M in 2017

New Thunder Technical Services, Dubai, UAE - RM43.4M in 2016

Process Dynamics Company, Doha, Qatar

Taweelah Asia Power Company, Dubai, UAE

bobvic96,

The PEIP project looks like it's still at the artist impression stage.

Serba's 2019 annual report stated that RM16.55 million was generated from India for 'servicing two contracts relating to customised solutions involving software development'.

Without stating the customer's name in the annual report, it is not possible to fact check.

What is common knowledge is that a number of Malaysian companies have outsourced customized software solutions to India based companies. No India companies have ever outsourced customized software development to Malaysian companies.

In order to get that sort of revenue, the infrastructure has to be strong and secure because the compliance, security, PDPA and SLA requirements will be strict.

Even a basic task of closing SSH port 22 at e-serbadk.com (IP address 13.213.0.195) has not been done, is it believable that they can get RM16.55 million revenue for customized software development from an India based company?


--- Serba 2019 annual report
"RM16.55 million revenue was generated from country of India FYE2019. The main revenue contributor for this country was through ICT solutions and services. Currently, the Group is servicing two contracts relating to customised solutions involving software development."




bobvic96 Imagine going into a new industry for which you have no experience and not taking over an existing company. Don't forget Karim has awarded a software contract to a hardware company stating they do the same thing - pretty much the same as him saying let the Formula 1 mechanic drive the car and the driver maintain the car.


15/07/2021 11:32 PM

bobvic96,

MACC will be involved if there's corruption involved in getting projects.

Account falsifications are within the domain of SC that will, in turn, hand over to the Public Prosecutor.

There's no money in the accounts. Lot's of receivables, WIP and PPE. Even the latest Q1 interest income in relation to the cash balances, amounting to about 0.3% per annum, is a red flag.


bobvic96 bobvic96 PSAi3alert Serba 2016 annual report - UAE & Qatar customers

Are MACC investigating Serba? It looks like they should be. Where does the money come from?
15/07/2021 11:39 PM

Serba 2016 annual report - UAE & Qatar customers

"In the United Arab Emirates, our revenue continued to increase in FYE 2016 due to our EPCC project with New Thunder Technical Services LLC. for the Procurement, Fabrication, Construction, and Commissioning services for their end user clients which contributed approximately RM43.4 million....

We have also recognised revenue from our contract with Yusof Bin Ahmed Kanoo Company Limited for the provision of boilers inspection and turnaround maintenance to its end-customer, Taweelah Asia Power Company...

In Qatar, revenue contribution for FYE 2016 was derived from our contract with Process Dynamics Company for the provision of topside maintenance service,"

From the annual report, some of the Middle East clients are New Thunder Technical Services LLC, Taweelah Asia Power Company and Process Dynamics Company.

Mr Google provided the following information on those 3 companies:

New Thunder Technical Services
http://new-thunder.com/
"Based in Dubai, U.A.E. New Thunder Technical Services. L.L.C. has its roots dating back to 1993"
Contact : web form only, no physical address http://new-thunder.com/contact.html

Process Dynamics Company
http://www.processdynamicco.com/
"Process Dynamics Company has swiftly grown into a leading maintenance, repair and overhaul, trading and contracting company with sizeable operations in the gulf and middle-east region"
Address: PO Box 82735, Doha, Qatar
Phone:00 974 5530 9045
Email: info@processdynamicco.com

Taweelah Asia Power Company
http://tapco.ae/
Coming soon website

To find out more about those domain names and when they were created, I headed to https://lookup.icann.org/ and found out the following:

Whois Details

Company: New Thunder Technical Services
Domain name: new-thunder.com
Created: 2016-12-06 17:29:07 UTC
Hosted by: Exabytes

Company: Process Dynamics Company
Domain name: processdynamicco.com
Created: 2015-08-18 04:40:38 UTC
Hosted by: Exabytes

The new-thunder.com and processdynamicco.com domains were created in 2016 and 2015 just in time for the annual report and both are hosted with Penang-based Exabytes.

Serba 2018 Annual Report - Bahrain customer

"Serba Dinamik secured a new IRM contract with Regno International Trading & Services W.L.L. which should contribute positively to the country’s revenue generation. Overall, Bahrain’s revenue growth during the period from FYE2014 to FYE2018 showed a CAGR of 140.07% over the 5-year period, mainly due to low volume of work as well as the nature of work done being consultancy back in FYE2014."

With the exception of Serba' press releases, no information can be found on the Internet to verify the existence of Regno International Trading & Services W.L.L .



Serba 2017 Annual report - UAE customer

"Revenue generated in UAE grew by 35.67% from RM213.50 million in FYE2016 to RM289.66 million in FYE2017. This revenue was mostly generated from our EPCC contracts with Lata International Services Ltd which provides its services to local end user clients in the oil & gas sector."

Lata International Services Ltd
domain: lataintl.com

Nameservers:
NS1519.SECUREN.NET
NS1520.SECUREN.NETDates
Registry Expiration: 2026-04-21 14:49:26 UTC
Created: 2016-04-21 14:49:26 UTC

Registar: Tucows
Reseller: Exabytes
Hosting company: Penang based Yeahhost

The website for Lata International Services Ltd , lataintl.com , was created on the 21st April 2016 and is hosted with Penang based Yeahhost.

Had a look at the cash and interest income over the past few quarters.

Q1 of 2021 looks really odd. It's like 80% of the cash is placed under the bed and not generating interest.

Maybe that's why it cannot be used to redeem the bonds with 48% margin after taxes.



Cash Interest Income
31/03/21 1025.929 0.807 <--------
31/12/20 836.352 26.188
30/09/20 1086.133 1.956
30/06/20 1361.488 2.886
31/03/20 1284.139 3.771
31/12/19 1306.59 5.642
30/09/19 841.448 4.000
30/06/19 1024.278 10.288
31/03/19 518.769 1.592
31/12/18 760.791 9.492
30/09/18 347.428 0.898
30/06/18 442.331 0.884
31/03/18 555.542 1.261

Sslee,

That's quite an interesting question! If I were to hazard a guess, it will depend on the conditions that have caused the sharp decline in the bond prices. It ought to be doable if the drop in bond prices was due entirely to deteriorated market conditions. However if the intention was to benefit from the drop by withholding crucial information at the point of issuance, that act will be benefiting from one's own breach, and will be illegal.

Cancellation of the bond at 35 cents to the dollar will result in a negative financing cost of 65 cents. The interest gains will likely attract 25% income taxes, The resulting margin will be around 48% of face value. What it will also mean is that the company can forget about tapping the bond market ever again.

The decision for the bond cancellation will be driven by it's cash flow position and its ability to remain solvent. If the company were to be insolvent within 12 months of the last dividend payment, the directors can face criminal and civil actions under the Companies Act 2016 (Section 132 Distribution only if company is solvent and Sec 133 Recovery of Distribution).

The unaudited financial report for the quarter ending 31st March 2021 is showing cash & cash equivalents of RM1,025,929,000.

However, the finance income for the quarter is only RM807,000 .

Annualising the finance income to RM3.228M will translate to interest of 0.3146% per annum for their cash of RM1,025,929,000.

At the very minimum 2.5% per annum can be obtained from the money market.

Either 87% of the RM1.0259B is not getting interest or they have got a lousy deal.




Sslee I wonder why Serbadk did not use cash and cash equilvalents of RM 1 billion to buy back USD SD International Sukuk bond at 30+ for cancelation and report a gain of cancelation about 0.7 to 1 dollar bond cancellation.

No other business can give you about 70% profit margin.
14/07/2021 8:34 PM

Using equity to loan ratio of 130% that was triggered on the 28/06/2021, the outstanding loan account was probably around RM280M.

At estimated outstanding loan of RM200.97M, force selling will be triggered at 0.34.


Shares movement
28/06/2021 1,004,061,570 - 46,300,000 = 957,761,570 (0.3625 avg high low)
29/06/2021 957,761,570 - 61,707,000 = 896,054,570 (0.3525 avg high low)
29/06/2021 896,054,570 - 95,000,000 = 801,054,570 (0.3525 avg high low)
30/06/2021 801,054,570 - 10,178,200 = 790,876,370 (0.3275 avg high low)
01/07/2021 790,876,370 - 22,000,000 = 768,876,370 (0.3800 avg high low)
12/07/2021 768,876,370 + 10,000,000 = 778,876,370 (0.4688 avg purchase)

Loan outstanding
28/06/2021 RM280,000,000 - 46,300,000 x 0.3625 = 263,216,250
29/06/2021 RM263,216,250 - 61,707,000 x 0.3525 = 241,464,532
29/06/2021 RM241,464,532 - 95,000,000 x 0.3525 = 207,977,032
30/06/2021 RM207,977,032 - 10,178,200 x 0.3275 = 204,643,671
01/07/2021 RM204,643,671 - 22,000,000 x 0.3800 = 196,283,671
12/07/2021 RM196,283,671 + 10,000,000 x 0.4688 = 200,971,671



IronShirt we donT know at what price Karim bought with "margin account"( for 778mil)....my bank offer
65% below "bought price" (margin-account) before immediate Top_Up / or Cut margin account.

if you can figure-out when was the last round Bank Cut karim's margin account...that would
be the "below 65% Cash Call"

Karim bought on 12July, but price still Falling 2 days after. Expect Karim to Buy again (your chance to Run if Karim continue to support price )
14/07/2021 6:41 PM

IronShirt,

Margin call first triggered 28/06/2021

28/06/2021 1,004,061,570 - 46,300,000 = 957,761,570
29/06/2021 957,761,570 - 61,707,000 = 896,054,570
29/06/2021 896,054,570 - 95,000,000 = 801,054,570
30/06/2021 801,054,570 - 10,178,200 = 790,876,370
01/07/2021 790,876,370 - 22,000,000 = 768,876,370
12/07/2021 768,876,370 + 10,000,000 = 778,876,370


IronShirt we donT know at what price Karim bought with "margin account"( for 778mil)....my bank offer 65% below "bought price" (margin-account) before immediate Top_Up / or Cut margin account.

if you can figure-out when was the last round Bank Cut karim's margin account...that would
be the "below 65% Cash Call"

Karim bought on 12July, but price still Falling 2 days after. Expect Karim to Buy again (your chance to Run if Karim continue to support price )
14/07/2021 6:41 PM

The probability of Serba's price reaching RM1.60 is zero.

The probability of the following events is higher at 0.0000000000001%:
- AA completes the tontine kutu program at 0.75
- renames to Tiny Airways
- provides mile high club services
- customers get full cash refund for their unused tickets


trum Repost the same posting again and again. In order to give hope to Serba players.
Uncle Trump always remind the same advice of HOPE to Serba supporters. So Bilis here need Uncle Trump positif advice of Hope here again and again until Serba price goes up to Rm1.60. So must keep reposting positive same message of HOPE to Serba supporters.

14/07/2021 5:37 PM

No more propaganda news from focusmalaysia, airtimes etc?

Beat grass alert snake already...

For both maximum and minimum subscription scenarios, TF & Co. will make money. Just need to issue LTIS after entitlement and offload the LTIS shares and RCUIDs subscriptions at 0.75.

Promoters, please support share price to be above 0.75.

That's what TF meant by 'not wasting a crisis'.


Maximum Subscription
Max LTIS Proceeds: 10% x 5.46B x 0.75 = RM409.5M
less LTIS Cost of zero
Entitlement Undertakings proceeds (@0.75) 343.028M x 0.75 = RM257.271M
less Entitlement Undertakings cost of RM257.271M
= RM409.5M profit for TF & Co.

Minimum Subscription
Max LTIS Proceeds: 10% x 4.917 x 0.75 = RM368.8M
less LTIS Cost of zero
Entitlement Undertakings proceeds (@0.75) 821.189M x 0.75 = RM615.89M
less Entitlement Undertakings cost of RM615.89M
= RM368.8M profit for TF & Co.


[ Under the maximum scenario, the Proposed Rights Issue would entail an issuance of RM1,024,058,370 in nominal value of RCUIDS, representing the issuance of 1,365,411,160 RCUIDS together with 682,705,580 new Warrants (“Maximum Scenario”), which was arrived at after taking into consideration the following:

(iv) the Board’s undertaking not to issue any new AAGB Shares pursuant to the proposed longterm incentive scheme, which was approved by Bursa Securities on 24 May 2021 and the Company’s shareholders on 21 June 2021 (“LTIS”), prior to the Entitlement Date.

The Proposed Rights Issue will be implemented on a minimum subscription basis to raise minimum gross proceeds of approximately RM615.9 million (“Minimum Subscription Level”).

The Proposed Rights Issue will not fully address the Group’s current financial concerns as the estimated gross proceeds of up to approximately RM1,024.1 million would not be sufficient to meet its long-term cash flow requirements. However, the Proposed Rights Issue will serve as an interim measure to address the near-term cash flow requirements of the Group whilst the management of the Company continues to explore other available options and/or corporate proposals to be undertaken with the intention to improve the Group’s financial performance in the longer term.

On 17 February 2021, the Company had announced the LTIS for eligible employees and directors of AAGB Group, which entails an issuance of up to 10% of the total number of issued Shares in the Company at any one time throughout the duration of the LTIS...
The Company will not receive any proceeds pursuant to the issuance of new AAGB Shares to the grantees of the SGS, as such grantees will not be required to pay for the new AAGB Shares to be issued to them under the SGS. ]

Preview of the ending:

https://www.youtube.com/watch?v=JuRBU8UVhDU

'The Good Auditor' Series
Episode - "The answer is in the Process"

“Again, there were quite a lot of smear allegations, for example, the Block 7 Innovation Hub, which people allege is a ‘left-pocket, right pocket’ deal, which is totally untrue.

“I put up a challenge to invite anybody to go over there any time. We will bring them to the sites, let them speak to the authorities and meet up with all the relevant people.”

In this episode we shall look at the challenge to be brought to the sites, speak to the authorities and meet up with all the relevant people. The key issue with the challenge is to be chaperoned and to meet up with people that are relevant to Serba. It will be like a visit to Pyongyang, North Korea. You will only be allowed to visit designated places and speak to only licensed 'tour guides'.

If I were to do a due diligence on a client or a project, a parallel team would have been sent before the official visit, and the team would have met the people who can provide relevant answers - as opposed to meeting 'relevant people' who have been prepped. The official team will meet up with the designated 'relevant people'. The parallel team will talk to the camel whisperers.

A good auditor will do likewise when it comes to confirmation. Do not rely solely on the addressee details provided by the client and do your own checking. And if the counter-party is also your client in the firm, say Petronas companies, it is fairly easy to call the bluff. Skip the process and you will get the Parmalat and Wirecard blockbusters,

The process in determining the answer is actually more important than the answer.
Imagine the following situations:

1) Your wife or girlfriend ask you "Am I fat?"
2) Your wife or girlfriend lays her head on your chest and ask "Is there any other woman in your life besides me?"

The first question is actually a speed test. If you were hesitate by more than 1/1000th of a second, you'll have gotten the answer wrong.

The second question is a lie detector test. Any variation of your heartbeat by more than 1 single beat per minute - sorry buddy.

That is the process by the wife or girlfriend. Try to challenge the process and you will understand the meaning of asexuality.


Coming back to Block 7 Innovation Hub, do not look at the left right sleigh of hand because the site is now blank :

http://www.block7investments.com/

Look at the process:

https://web.archive.org/web/20210604090921/http://www.block7investments.com/



--- FLASH BACK ON SOC ---

38. In addition to the above, the Plaintiff avers that the Defendant has contradicted their position in the following manner:
a. With regards to Petronas Chemical Ammonia Sdn Bhd and Petronas Methanol (Labuan) Sdn Bhd, the Defendant had subsequent to calling the respective front desks receptionist had directly contacted the addressee of the confirmation letter to confirm the identities of the representatives who had sent the confirmations for the abovementioned companies. However due to confidentiality reasons the said addressee did not provide the contact details but nonetheless had directly or by irresistible inference confirmed that these two individuals exist. In the circumstances the Defendant had negligently and most unreasonably concluded that the representatives do not exist despite the conversation with the addressee.

b. With regards to Petronas Carigali Sdn. Bhd., the addressee of the confirmation letter suggested that the Defendant contact the individual who replied to the confirmation letter directly, but did not want to provide any further information due to confidentiality reasons. Despite the reluctance in disclosing contact information, there is an irresistible inference that the identity of the persons sought to be confirmed by the Defendant do exist, but it was for the Defendant to resolve the issue of getting in touch with them, if needed with the further help of the Plaintiff. The Plaintiff and/or their agents were always ready and willing to assist if and when they were approached.

c. With regards to Petronas Gas Berhad and Malaysia LNG Sdn Bhd, the Defendant spoke to the addressee of the confirmation letter. The said addressee had specifically spoken to his representatives who had replied to the Defendant’s confirmation letter who said they no longer wanted to be involved in the confirmation process (for reasons unknown to the Plaintiff). The key take back however is that the said addressee has confirmed the existence of these two individuals and therefore the Defendant’s conclusion towards the non-existence is non-sequitor without basis, unreasonable and irresponsible.

--- END FLASH BACK ON SOC ---

“And of course, we have been in the Middle East for more than 20 years,” he said.

In the previous episode of 'The Good Auditor' - "Where's the horse?" it was revealed that some of the Middle East clients listed in Serba's 2016 annual report have had their websites established only in 2015 and 2016, and those sites do not contain any office addresses.

----------- FLASH BACK ----------

From the annual report, some of the Middle East clients are New Thunder Technical Services LLC, Taweelah Asia Power Company and Process Dynamics Company.

Mr Google provided the following information on those 3 companies:

New Thunder Technical Services
http://new-thunder.com/
"Based in Dubai, U.A.E. New Thunder Technical Services. L.L.C. has its roots dating back to 1993"
Contact : web form only, no physical address http://new-thunder.com/contact.html

Process Dynamics Company
http://www.processdynamicco.com/
"Process Dynamics Company has swiftly grown into a leading maintenance, repair and overhaul, trading and contracting company with sizeable operations in the gulf and middle-east region"
Address: PO Box 82735, Doha, Qatar
Phone:00 974 5530 9045
Email: info@processdynamicco.com

Taweelah Asia Power Company
http://tapco.ae/
Coming soon website

To find out more about those domain names and when they were created, I headed to https://lookup.icann.org/ and found out the following:

Whois Details

Company: New Thunder Technical Services
Domain name: new-thunder.com
Created: 2016-12-06 17:29:07 UTC
Hosted by: Exabytes

Company: Process Dynamics Company
Domain name: processdynamicco.com
Created: 2015-08-18 04:40:38 UTC
Hosted by: Exabytes

The new-thunder.com and processdynamicco.com domains were created in 2016 and 2015 just in time for the annual report and both are hosted with Penang-based Exabytes.

This fictitious customers, fake revenue accounting and confirmation fraud have started way back!

No wonder the GP and NP ratios are so consistent!!!

----------- END OF FLASH BACK ----------

Even ministers are tightening their belts by eating Maggie mee

https://twitter.com/MahfuzOmar/status/1407327288128016393
(Do not look at the RM1.26M watch, just look at the noodles)



trum >> I pity Tiny if tonight people calculate and realise they hardly can afford to make ends meet. Why why why people raise White Flags? You think people simply raise White Flags?
13/07/2021 6:11 PM

Perhaps unemployment and hunger are just perceptions.

"Qu'ils mangent de la brioche" - Marie Antoinette


https://www.thestar.com.my/business/business-news/2021/07/13/zafrul-nrp-will-guide-malaysia-to-exit-the-pandemic

Furthermore, he said, despite being burdened with legacy debts, socio-economic structural issues and political uncertainty, the government had disbursed RM38 billion in the form of direct aid and subsidies last year, while RM45 billion has been allocated for 2021, with a balance of RM28 billion still to be disbursed.

The disbursements have assisted working and middle-class Malaysians, supported 330,000 employers and saved more than 2.7 million jobs in the country, while unemployment has been reduced from 5.3 per cent in May 2020 to 4.5 per cent in May this year.

"Do all these facts reflect a ‘failing’ state?” he asked. - Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz



trum I pity Tiny if tonight people calculate and realise they hardly can afford to make ends meet.
13/07/2021 5:05 PM

Maybe nasi lemak and mango included in the Kutu. Can you uncle lend money to AA?


trum Tony thinks people still have money to subscribe to his RI kah? Now mostly people save money to buy food and very essential every day items.
13/07/2021 3:51 PM

You can do it legally in Switzerland. Not too far from your current location - Holland.

DickyMe Suicide is forbidden.
13/07/2021 3:33 PM