DickyMe,

Hara kiri can be a quick cure for Lesch-Nyhan syndrome


DickyMe Exhilarating!!!
13/07/2021 3:21 PM

Definitely Tony & Kamarudin does not need to collect cheap tickets since they can issue 15% more for free under LTIP, free ESOS or whatever it's called.


DickyMe Cheaper tickets? okay will buy some more..kikikiki

Do what 99.99% does not do,..kikikkii
13/07/2021 3:05 PM

DickyMe,

Wrong thread. You should be posting in Air Asia.

With the Kutu (RCUIDs) junk-status yield of 8%, 30 sen is likely. Maybe even 19 sen as forecast by PBB.


DickyMe 30 sen coming soon!
13/07/2021 1:22 PM

i3lurker,

I do not think the curse is just about a yard.

It manifested in Zahariah Bt A. Kadir (Acting as the Authorised Representative of Abdul Kadir bin Ami, Deceased) v Ramunia Bauxite Pte Ltd and Promet Berhad.

Was affirmed in FHR Ventures v Cedar Capital.

And may hit ALP in Jaks.

"Do Good" is the only cure.

If I'm from He-Man's team, the counter would have been suspended 1 month ago.


Nah.. good ol He-Man is resourceful.. their team is big.. I’m suspecting that u may come from his team.

Never arouse the He-man team.. as many used to say.. haha
13/07/2021 12:16 AM

In Parmalat, the confirmation fraud was via a lawyer's address that was used to impersonate a customer.

Wirecard's confirmation fraud was through fake OCBC Singapore's address.

Here in Serba, it's as simple as controlled PO boxes, domain names and email addresses for confirmation fraud.

It's not about oil & gas or construction accounting practices. Those are all hypothetical questions for non-existent customers.

Anyone wish to inform He-Man (if he does not already know)?

Huangbk72,

There's actually no horse.

When I read the following statement, I was puzzled. NMC and 1MDB have demonstrated that is impossible to make money from the Middle East. Why go to the African continent when it is more challenging, and even more so against companies from China.

“In the African continent, we have made very successful inroads. We are competing head-on with companies from China, which come in with their financing packages in all their projects. So it is quite a challenging environment.

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

I subsequently looked at the 'Middle East for more than 20 years' statement and referred to the 2016 annual report for more information.

Page 6 of Serba Dinamik 2016 annual report read:

"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.

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

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


Huangbk72 @ 7chewe

Of course I agree with you. O&G is a big industry with many different aspects.

I posted way back that this is good horse .. just needed to change the jockey. This opinion never changed
12/07/2021 11:02 PM

Karim should not have opened his mouth. Explosive details in an hour! (Need to shower first and open a bottle of sauvignon blanc)



“In the African continent, we have made very successful inroads. We are competing head-on with companies from China, which come in with their financing packages in all their projects. So it is quite a challenging environment.

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

Huangbk72

Agree.

The odds for Serba's revenue growths and GP margins is probably one in a trillion.

Is He-Man going to take on Skeletor to save the Capital Market Integrity?


Serba Revenue Gross Margin (GP/Rev)
31/12/20 6.014B 17.52%
31/12/19 4.529B 17.9%
31/12/18 3.283B 17.73%
31/12/17 2.722B 17.78%
31/12/16 1.409B 16.68%


Huangbk72 @PSAi3alert

There will always be overlapping of judicial laws and powers.. All the acts enacted will try to be as wide as possible permitted under each jurisdiction.

But the general rule.. SC has the most power.. the all powerful.. haha.. like He-man, masters of the universe.
12/07/2021 12:06 PM

bobvic96, the article appears to be motherhood and apple pie statements.

What was not said is that Section 271 would have been contravened if Sec 272 is triggered.


Appointment of auditors of public company

271.

(1) An auditor of a public company shall be appointed for each financial year of the company.

(2) Notwithstanding subsection (1), the Board shall appoint an auditor --
(a) at any time before the first annual general meeting of the company; or
(b) to fill casual vacancy in the office of the auditor.

(3) Any auditor appointed under subsection (2) shall hold office until the conclusion of --
(a) the first annual general meeting for the appointment under paragraph 2(a); or
(b) the next annual general meeting for the appointment under paragraph 2(b).

(4) The members shall appoint an auditor by ordinary resolution --
(a) at the annual general meeting;
(b) if the company should have appointed an auditor at an annual general meeting but failed to do so; or
(c) if the Board fails to appoint an auditor under subsection (2).

(5) An auditor of a public company should only be appointed in accordance with subsection (2) or (4).

(6) The company and every officer who contravene this section commit an offence.


Power of the Registrars to appoint auditors of public company

272.

If a public company fails to appoint an auditor, the Registrar may appoint one of more auditors upon application in writing from any member of the company.



bobvic96 hijau belalang No need to say much about this. Still have the confidence SD will perform better.

Any thoughts on this matter?

https://focusmalaysia.my/serba-some-progress-made-while-awaiting-other...

For something in Focus Malaysia, it appears very factual with no conjecture. Probably because it contains the words of the Chairman of the MSWG, not the Serba BoD.
12/07/2021 11:35 AM

It's quite clear that Mabel and Mikecyc are sworn enemies since the Battle of Red Cliffs.

And I can understand some guys will walk ten steps behind, especially in areas with lots of uncleared landmines.

But who are scenery and UlarSawa and what are they trying to say in PA Resources?! Perhaps Mikecyc can provide some leadership in PA since the decline from 0.59 to 0.38 is unabated and appears to be en route to 0.10 .


Mabel

Finally Mabel understand why Mouse like to walk 3 steps behind Mabel all over i3...

It's been 3 years now Mouse has been trying to court Mama San Mabel without success..


1.) Armada 0.455
2.) Serba 0.48
3.) TG 3.86

vs

1.) Jkgland 0.11
2.) PA 0.395
3.) Zhulian 1.90
07/07/2021 10:22 PM

11/07/2021 7:32 PM

My thoughts on SD vs KPMG are as follow (in reply to bobvic96) :


Below are my opinions, based on interpretations of publicly available information, on the issues that you have posed :

[Could Muhammad Shafee’s use of the phrase “in the event” be taken to mean that the legal wrangling may not end up in court? Will Serba Dinamik drop its suit now that KPMG has resigned, considering legal fees for such cases could go into the millions and the proceedings are likely to be long drawn out?]

I believe that the suit will not proceed to trial. KPMG's lawyer, Lee H, ought to have applied to strike the suit. The suit is fundamentally flawed because the company cannot not be the plaintiff in filing the suit. Serba is asking for losses in the market capitalization, but gains or losses in market capitalization are by the shareholders, not the company.

The shareholders and creditors may have a cause of action if KPMG has negligently failed to detect financial irregularities and the company has subsequently gone bust. Under this scenario, the plaintiff will be shareholders and/or liquidator; and the defendants will be the directors, KPMG and the company (under a derivative action).

[A prominent member of the accounting fraternity who requested anonymity owing to the sensitivity of the matter says, “Everything [under the law] allows the auditor to report what the auditor believes, in his or her professional judgement, to be a breach of the law or a possible fraudulent transaction being conducted.

Don’t forget, Serba leaked SOME OF the red-flagged issues (they ignored the important ones) to the press and then started on a campaign to discredit KPMG]

Even if the case were to go to trial, the odds are against Serba because:

- Lack of 'Clean Hands'
Till date, KPMG has done and said absolutely nothing that can possibly impact changes in Serba's share price. It was Serba's actions, press statements, press conferences and defamatory remarks that have caused the drop in the market capitalization

- Failed to mitigate losses
The onus is on the client to provide evidence to the auditor for the accounts to be signed off. If the client is unhappy that the auditor is not willing to sign off the accounts, the client can change the auditor but certainly not compel the auditor to change their opinions. (Can an alcoholic slanted-eye person sue his doctor for not issuing a health certificate that is required to fly a commercial airplane?)

- Contradictory statements
Alleging KPMG has impacted business and saying Business-As-Usual is blowing hot and cold

- Will not be able to gather witnesses
Based on the reasons stated by the INEDs for their resignations coupled with unequivocal statements by SC and Bursa, Serba will not be able to gather any credible witness for their case.

[This is really telling as the scope of work that Serba stated for the IR only covered the 11 companies KPMG queried and other minor items, which I am sure Karim felt was enough to get him off the hook.]

A number of the 11 companies in question are Petronas companies. KPMG is the auditor for Petronas. Detecting confirmation fraud is a walk in the park.

Huangbk72,

My reply to DickeMe was on the IMDB/MOF vs KPMG.


Huangbk72 PSAi3alert It will not go to court.

'Ex turpi causa non oritur actio' - a plaintiff cannot sue for relief and damages if it is due own misdeeds.

Turquand rule presumes Najib, as the PM and FM during the material time, is the sole authority of MOF.

The suit can only proceed if IMDB has exhausted all avenues in recovering assets and secret profits that are held in trust by Najib, Jho Low, IPIC, Sheikh Mansour, Riza, Umno and all other parties identified in tracing and following actions.

This is probably an attempt to hustle some money using DPA (Deferred Prosecution Agreement).

I have previously bought a dozen of cigars for RM100k and got them insured. After smoking all of them, I tried to claim for my losses of the cigars due to fire damage. While the suit against the insurance company is still pending, I am now suing my security guards for RM100k due to their negligence in preventing the fire. Will my case be debated in court?


DickyMe You will know when it is debated in court.
10/07/2021 1:04 PM
10/07/2021 1:52 PM



Lets see if the majority is correct or minority is right..

It will go to court unless they amend the charges..

My example would be:

I drive my car and had an accident.. Do i claim insurance or my car manufacturer claims? In case this is too much to understand for the majority here..

My car is SD brand.
10/07/2021 2:31 PM

I have clicked on Steady Punpipi's comment on the 10/07/2021 2:17 PM as abusive and provocative

It will not go to court.

'Ex turpi causa non oritur actio' - a plaintiff cannot sue for relief and damages if it is due own misdeeds.

Turquand rule presumes Najib, as the PM and FM during the material time, is the sole authority of MOF.

The suit can only proceed if IMDB has exhausted all avenues in recovering assets and secret profits that are held in trust by Najib, Jho Low, IPIC, Sheikh Mansour, Riza, Umno and all other parties identified in tracing and following actions.

This is probably an attempt to hustle some money using DPA (Deferred Prosecution Agreement).

I have previously bought a dozen of cigars for RM100k and got them insured. After smoking all of them, I tried to claim for my losses of the cigars due to fire damage. While the suit against the insurance company is still pending, I am now suing my security guards for RM100k due to their negligence in preventing the fire. Will my case be debated in court?


DickyMe You will know when it is debated in court.
10/07/2021 1:04 PM

DickyMe, pray elaborate on why you think it is a frivolous suit


DickyMe Frivolous suit..LOL.
10/07/2021 12:52 PM

Huangbk72, i3lurker,

Here's the Muddy Waters Capital's paper on NMC when it's market cap was still GBP 5.4B.

https://d.muddywatersresearch.com/content/uploads/2019/12/MW_NMC_12172019-1.pdf

There are also a few papers on Beneish M-Score used to test earning manipulations. One of them is here:

http://journalarticle.ukm.my/10793/1/8601-43000-1-PB.pdf

If cannot service debt, the new solvency requirement will be breached. Each and every director can face the risk of personal liability, both under criminal and civil actions, for the dividends issued 12 months prior to the solvency breach.


leno Big DEBT with no audited account for 18 months
means DEBT is now chasing after you.
The end of Sebak is near.
09/07/2021 12:53 PM

Still waiting for the comm. Need to wait for 60c.


LOL.. Uncle Lim pays you commission ya??
09/07/2021 12:40 PM

The point is, ladies and gentleman, that debt -- for lack of a better word -- is good.

Debt is right.

Debt works.

Debt clarifies, cuts through, and captures the essence of the evolutionary spirit.

Debt, in all of its forms -- debt for life, for money, for love, knowledge -- has marked the upward surge of mankind.

Message sponsored by Uncle Lim & Long Money Lending
24/7 customer service at 1800 7873 343 ( 1800 SURE DIE)


Uncle_Lim Leno you ever run a business or not. Debt is normal ma. CTOS and mrdiy ipo also got big debt. Lol
09/07/2021 12:03 PM

While the monthly salary and allowance of RM54,400 might appear to be a lot, it takes 23.26 months to save up the entire monthly amount to pay for a RM1,265,578 Richard Mille. And that's assuming personal income taxes are waived and maggie mee supplies are obtained from foodbanks.

https://twitter.com/MahfuzOmar/status/1407327288128016393


i3lurker Well NOBODY will ever resign unless Certified Confirmed Clown

Taking into account, the monthly salary (RM29,400) and the monthly allowances (RM25,000), the total cash remuneration that a minister takes home every month is RM54,400.

09/07/2021 10:48 AM

Huangbk72,

I totally agree with you on Genetec being a bad example because the market is pricing in potentially high growth rates ( like Pentamaster and Inari years ago).

He appears to be frustrated with his investments, previously in glove stocks and now Serba, that are declining in share prices and are having extremely low PE ratios. To add to his bugbear, AA is having high market capitalization despite negative NA and billions of losses; and Genetec is getting a high PE ratio.

The belief that 'cable will eventually change everything' is actually a Freudian slip on his part because subconsciously he is acknowledging that there is fraud in the company and 'cable' will miraculously cover all misdeeds. That is a very dangerous and counter-intuitive assumption. If any, the relevant authorities will now be even more thorough in their investigations, else perceptions of collusion will arise in a NFA outcome.

The utilization of cable may work for selected cases that involve corruption. It is not the case here.

An ex high-ranking cop for an INED position is rather odd because the issues faced by the company is neither physical theft, internally or externally. If the appointment were to send a message of intimidation, the effect has not been apparent.

The ex Bursa lady is also not new to the group because she is also a director of Aimflex.

Even if the case were to be eventually NFA-ed, holders of the RM4B debt may not be convinced until and unless the independent review is completed and a clean bill of health is given.

If any PLC were to survive a raid by SC, that company will be the first. But it will not be the last. Because dependency on cables can be infectious and addictive if proven to work in all situations.





Huangbk72 killshorties @Wirajati.. yup.. thats right, Genetec pe is -201.. and the price is sky rocketing like hell.. so dont waste your money to this chart pe analysis bullsh1t..

for now i take this oppurtunity for all in for SD.. almost RM75k in SD & Kpower .. because at least i know big guns are here..

cable will eventually change everything...


When u invest and use Genetec as example.. bad way of looking at the PE ratio.. Tech company has very high PE ratio because of forward expected earnings.. look at Tesla as example.

Anyway… I will stop explaining to you and hope you have the best return from your investment in SD and Kpower.
08/07/2021 10:40 PM

Mabel, were you sitting on, or hugging the shaking Serba tree when you experienced the intense orgasms?


Mabel has been having intense orgasm lately..

These fiasco (Political, KPGG thingy and perhaps Wall Streets) is an excellent opportunity to make money..

Meow
08/07/2021 9:32 PM

Pinky, DLLKT likes Bplant


Pinky Fundamentals intact.

Hold.
08/07/2021 5:19 PM

Uncle_Lim,

Is this the ad?


Uncle Lim & Long Money Lending
- 30 minutes approval
- no guarantor needed (your entire family will be guarantors without their knowledge)
- loan from RM5,000 to RM500,000
- interest rate of only 2% (per hour and compounded on an hourly service)
- black-listed also qualify
- 24/7 customer service at 1800 7873 343 ( 1800 SURE DIE)

Terms and conditions
- 50% of loan amount for upfront processing fees
- cash to be used only for purchasing of Serba Dinamik shares from Uncle Lim at RM0.60 per share
- red paint not included and chargeable at RM3,000 per can


Uncle_Lim ggcomliao, alieyasmart: need to teach boh? go find TNB pole see got ah long ads pinjam RM5k, dapat 5k.. then pinjam lo
07/07/2021 1:17 PM

Kena taruk is better that kena tiu kaw kaw

EY failure to detect Euro 1.9B hole in Wirecard
-> More than 280 lawsuits 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 GBP 1B lawsuit against EY


Coffin Dance Auditor life manyak susah, raise red flag kena taruk took money & bite back , no raise red flag , if really got fraud , kena tiu kaw mother & father cannot recognize by the public for not protection the public interest .

Buat kena tiu, tarak buat pun kena tiu. Hidup sebagai auditor = kena tiu. Jangan jadi auditor , pendek umur.
08/07/2021 2:08 PM

leno, the directors should not have issued dividends prior to an annual audit.

When the directors declare dividends, they ought to be aware of the new solvency requirement. The company must be able to meet its debts for 12 months after the pay-out of the dividends. If there is a breach of a new solvency requirement, each and every director can face the risk of personal liability, both under criminal and civil actions.



Companies Act 2016

132 Distribution only if company is solvent

(3) For the purposes of this section, the company is regarded as solvent if the company is able to pay its debts as and when the debts become due within twelve months immediately after the distribution is made.

(5) Without prejudice to any other liability, every director or officer of the company who willfully pays or permits to be paid ot authorizes the payment of any improper or unlawful distribution shall, on conviction, be liable to imprisonment for a term not exceeding five years or a fine not exceeding three million ringgit or to both.


133 Recovery of Distribution

(2) Every director or manager of a company who willfully pays or permits to be paid any dividend in contravention of section 131 or 132, which he knows from his knowledge is not profits shall also be liable to the company to the extent of the amount exceeded the value of any distribution of dividends that could properly have been made.

(3) If the whole amount is recovered from one director or manager, the director or manager may recover contribution against any other person liable who has directed or consented to the payment.



leno why sebak account could not be audited ?
18 months already.
Could it because it contains massive fraud accounting ?
08/07/2021 1:50 PM

Aleo Low,

When the directors declare dividends, they ought to be aware of the new solvency requirement. The company must be able to meet its debts for 12 months after the pay-out of the dividends. If there is a breach of this new solvency requirement, each and every director can face the risk of personal liability, both under criminal and civil actions.


Companies Act 2016

132 Distribution only if company is solvent

(3) For the purposes of this section, the company is regarded as solvent if the company is able to pay its debts as and when the debts become due within twelve months immediately after the distribution is made.

(5) Without prejudice to any other liability, every director or officer of the company who willfully pays or permits to be paid ot authorizes the payment of any improper or unlawful distribution shall, on conviction, be liable to imprisonment for a term not exceeding five years or a fine not exceeding three million ringgit or to both.


133 Recovery of Distribution

(2) Every director or manager of a company who willfully pays or permits to be paid any dividend in contravention of section 131 or 132, which he knows from his knowledge is not profits shall also be liable to the company to the extent of the amount exceeded the value of any distribution of dividends that could properly have been made.

(3) If the whole amount is recovered from one director or manager, the director or manager may recover contribution against any other person liable who has directed or consented to the payment.


Aleo Low may I know 18 months un-audited acc can pay out dividends recently??
07/07/2021 11:53 PM

ggcomliao, thanks


ggcomliao https://klse.i3investor.com/blogs/thealphaseeker/2021-07-07-story-h156...
07/07/2021 6:18 PM

Trust you are a MMC veteran as well :)


Johnzhang If a bumi buyer emerges, one possible candidate is tradewind plantation owed by syed Mokhtar?
07/07/2021 1:37 PM

The gist of Serba's announcement yesterday was just to say:
- the Board submitted RFPs to international audit firms on the 27 June 2021
- the Company, on 2 July 2021, requested a meeting with SSM for for a consultation on Section 272 of the Companies Act 2016

It's rather odd for Section 272 of the Companies Act 2016 to be triggered.

To rely on Section 272 for the appointment of one or more auditors will imply that 'the company and every officer' have committed an offence by contravening section 271 of the Companies Act 2016.

And the way Section 272 is worded will give rise to more novel questions.


Puzzling but interesting...



Appointment of auditors of public company

271.

(1) An auditor of a public company shall be appointed for each financial year of the company.

(2) Notwithstanding subsection (1), the Board shall appoint an auditor --
(a) at any time before the first annual general meeting of the company; or
(b) to fill casual vacancy in the office of the auditor.

(3) Any auditor appointed under subsection (2) shall hold office until the conclusion of --
(a) the first annual general meeting for the appointment under paragraph 2(a); or
(b) the next annual general meeting for the appointment under paragraph 2(b).

(4) The members shall appoint an auditor by ordinary resolution --
(a) at the annual general meeting;
(b) if the company should have appointed an auditor at an annual general meeting but failed to do so; or
(c) if the Board fails to appoint an auditor under subsection (2).

(5) An auditor of a public company should only be appointed in accordance with subsection (2) or (4).

(6) The company and every officer who contravene this section commit an offence.


Power of the Registrars to appoint auditors of public company

272.

If a public company fails to appoint an auditor, the Registrar may appoint one of more auditors upon application in writing from any member of the company.

bobvic96,

Below are my opinions, based on interpretations of publicly available information, on the issues that you have posed :

[Could Muhammad Shafee’s use of the phrase “in the event” be taken to mean that the legal wrangling may not end up in court? Will Serba Dinamik drop its suit now that KPMG has resigned, considering legal fees for such cases could go into the millions and the proceedings are likely to be long drawn out?]

I believe that the suit will not proceed to trial. KPMG's lawyer, Lee H, ought to have applied to strike the suit. The suit is fundamentally flawed because the company cannot not be the plaintiff in filing the suit. Serba is asking for losses in the market capitalization, but gains or losses in market capitalization are by the shareholders, not the company.

The shareholders and creditors may have a cause of action if KPMG has negligently failed to detect financial irregularities and the company has subsequently gone bust. Under this scenario, the plaintiff will be shareholders and/or liquidator; and the defendants will be the directors, KPMG and the company (under a derivative action).

[A prominent member of the accounting fraternity who requested anonymity owing to the sensitivity of the matter says, “Everything [under the law] allows the auditor to report what the auditor believes, in his or her professional judgement, to be a breach of the law or a possible fraudulent transaction being conducted.

Don’t forget, Serba leaked SOME OF the red-flagged issues (they ignored the important ones) to the press and then started on a campaign to discredit KPMG]

Even if the case were to go to trial, the odds are against Serba because:

- Lack of 'Clean Hands'
Till date, KPMG has done and said absolutely nothing that can possibly impact changes in Serba's share price. It was Serba's actions, press statements, press conferences and defamatory remarks that have caused the drop in the market capitalization

- Failed to mitigate losses
The onus is on the client to provide evidence to the auditor for the accounts to be signed off. If the client is unhappy that the auditor is not willing to sign off the accounts, the client can change the auditor but certainly not compel the auditor to change their opinions. (Can an alcoholic slanted-eye person sue his doctor for not issuing a health certificate that is required to fly a commercial airplane?)

- Contradictory statements
Alleging KPMG has impacted business and saying Business-As-Usual is blowing hot and cold

- Will not be able to gather witnesses
Based on the reasons stated by the INEDs for their resignations coupled with unequivocal statements by SC and Bursa, Serba will not be able to gather any credible witness for their case.

[This is really telling as the scope of work that Serba stated for the IR only covered the 11 companies KPMG queried and other minor items, which I am sure Karim felt was enough to get him off the hook.]

A number of the 11 companies in question are Petronas companies. KPMG is the auditor for Petronas. Detecting confirmation fraud is a walk in the park.

7chewe,

You ought to know that you, Cheah Chor Sooi and Focus Malaysia can be charged for insider trading.


"Any public disclosure of material information must be made by an announcement first to the
Exchange or simultaneously to the Exchange, the press and newswire services. For the
avoidance of doubt, a listed corporation must not release any material information to the
media even on an embargoed basis until it has given the information to the Exchange."



7chewe Serba to rid 2 burdens off its chest soon: New external auditor and INEDs

Cheah Chor Sooi3-4 minutes 7/6/2021

In a related development, the company said it has identified two new independent directors with a Bursa Malaysia announcement “to be made on Thursday (July 8)”.

“The board has finalised the two names – that of one man and a woman – who are both experienced individuals and subject matter experts in governance and integrity and risk management,” a source close to the top management told FocusM.

I noticed that there are a number of people who have promised to contribute to the starving and the needy when they make profits from this specific counter.

What is stopping you from selling x% of your holdings, that is already in the money, and use those profits for charity NOW? Why should there be conditions precedent to your kindness?

My missus and I have been buying food and dropping them off at foodbanks.

It's extremely sad to see those foodbanks are getting emptied really fast. What is even sadder is to see signs like "For Muslim Only" in some foodbanks.

“The world has enough for everyone's need, but not enough for everyone's greed.” - Mahatma Gandhi

It's dark. Please do not make things darker. Try to pay it forward.

rr88, Can you please have a look at Widad? Is there any star or hammer? You did very well there in March.


rr88 Who was there so bold to say that he wud buy some more at 0.43. U doing all the wrong things. In this business u dont avg down. You avg up.
06/07/2021 3:55 PM

Et tu, Mabel?


acadi People like Mabel, Mikecyc...they post something like 50 to 60 comments a day!!!!!and on top of that , across a range of counters...Just think! If they are paid a dollar or two per comment,, their work here are worth 1500 to 3000....yet they talk like they are investing or playing like 500k to 1m per counter!!! Please dont get suck in by these,these,these,i dont know how to classify them!!!!!
04/07/2021 11:22 PM

acadi, how does a whisperer gain by advising a gambler on the 'what and why' to bet in a casino? The casino does not need a paid promoter. Unless the person is an ah-long.


acadi for those who tuned in to i3 forum, my opinion is just this: sieve thru facts posted by some forumers who want to share infor., tune out from the hard core forumers. Those are like, if you have been inside a casino table, telling you which side to bet and why. Stay smart and try not to imitate those who try to be smart.....
04/07/2021 11:12 PM

I don't think Mikecyc is a mouse. If he is, he ought to be able to sniff out red flags in one of his kitchens. He's behaving more like a wombat, posting comments like cubic feces that are very difficult to comprehend.


- increases in revenue and profits when global, regional and Malaysian economies took a downturn

- anomalous growth and margins compared to it's peers

- has not been paying taxes for past 3 years

- continuous RI and PP

- ex-cop running the show

- ex-politician became investor and chairman

- annual report 1-liner at page 100 revealed that 94% of its FY2020 revenue was from 1 (one) customer

- in the geographic distribution, there's no single country that accounted for the single customer's sales.

- reported sales of RM159.9M to the USA but trade data is showing only USD15.6M sales from Malaysia country-wide to USA

- USA has reported imports of only USD15.6M from Malaysia for the Aluminium bars, rods and profiles, structures, plates, sheets and strip categories in 2019
(Source: https://trendeconomy.com/data/h2/Malaysia/76 )

- kitchen noise that is 'full of sound and fury signifying nothing'


Kitchen Noise

"However, he agrees that the current size of the factory, which sits on a 10-acre plot of land, and the electricity capacity of the factory that is nearing maximum usage, have constrained the company from expanding further.

Hence, the company is considering several options that include land acquisition for the construction of a new factory.

Moving forward, we plan to increase our capital expenditure (capex) compared to the past several years as we see huge potential in the industry."



Kitchen Noise in Xing Guan

"I visited Xingquan in Xiamen a few times and I know that it has utilized all the money it received from IPO to expand its existing factory and constructed hostels to accommodate 3000 workers.
Xingquan has reduced its shoes and shoe sole business because of competition. It is now selling high class casual wears under the brand name of “Gertop”. It is not giving out dividend because it needs all the cash to open up new outlets. It has open about 110 outlets in all the larger cities in China. Xingquan has to pay cash for all their purchases."

https://klse.i3investor.com/blogs/koonyewyinblog/2015-12-30-story88909-Why_Am_I_Buying_Xingquan_Koon_Yew_Yin.jsp#:~:text=Xingquan%20has%20reduced%20its%20shoes,the%20larger%20cities%20in%20China.

Mabel,

Yes, salmon will make your skin glow. Tony notices too?

Culinary skills have a lot in common with investment. It allows you to identify truly Michelin star quality companies and avoid those that just cook their books.

Bursa's directive for the Nobu Matsuhisa's new style salmon sashimi needed various crucial steps to be completed - calling for an EGM, appointment of INEDs, fulfillment of various conditions precedents, engagement of EY, detailing of tasks timeline, etc.

Serba's announcement last Friday amounted to just saying they have engaged EY to supply salmon. It is not a compliance to Bursa's specific order.

Jang-Geum is indeed an interesting lady and saw food as a form of medication in addition to just nourishment. As a physician she would have used oral rehydration therapy (ORT) for 'backdoor' (diarrhea) problems. She will only administer intravenous antibiotics only in selected risk groups such as people with immunodeficiency. Severe symptoms of backdoor problems can result in hallucinations, traffic congestion in Jln Bellamy and the cessation of screaming by dirty-restaurant manager at health officers. That's probably what Jang-Geum would have thought.

Instead of just thinking of Sujung, pick up the phone and call her. Reach out and touch someone.

("Reach out and touch someone" is a commercial by AT&T in the 80s and was aimed towards promotion of long distance calls. It does not mean going out to physically touch random strangers and when caught, threaten to file police reports against the victims for wearing low cut blouses)


Take care.


Mabel #PSAi3alert Mabel,


Mabel Wow..glad to see that beside investing, you are also into culinary. Mabel loves Salmon. It makes Mabel's skin glows..

If you watch the Korean, Jewel of Jewel of the Palace; an orphan girl in 15th century, Jang-geum became the first woman to overcome a series of social discriminations. She becomes the royal cook and later the supreme royal physician. The drama is based on the real story about a remarkable and determined girl. It's the story of touching friendships, star-crossed love, and political intrigues.

One Mabel Korean friend, SuJung is a good cook. She reminds me of the lady Jang-geum in the Jewel in Palace Korean Drama. She cooked excellent Korean Dishes. She prepared the Korean dishes made of Salmon, Trout and vegetable. That dishes you shares looks like one of SuJung's cooking..

Thanks for sharing, it reminds Mabel of Sujung...

Meow
03/07/2021 8:22 AM

i3lurker,

For billion dollar companies, there ought to be China wall between suppliers and customers so as to prevent confirmation fraud. Unofficially, answers would have been obtained between the teams. Even in straight forward situations, the good auditors will not rely on the correspondence addresses, emails and faxes provided by the client.

i3lurker,

I noticed EY will be performing verification with Petronas Chemical Ammonia Sdn Bhd, Petronas Methanol (Labuan) Sdn Bhd, Petronas Carigali Sdn. Bhd and Petronas Gas Berhad.

KPMG is the auditor for all the Petronas companies.

At what point will the China Wall between the teams be removed?



i3lurker so next 2 weeks will either be a problem or a big problem......

and after that EY will be reporting their findings

Mabel,

rr88 is faster than Flash Gordon and it's impossible to see his actions.

Sources told me rr88 once saw Wonder Woman naked and decided to go in for a quickie. He did his deeds and left in a split second. Invisible Man had a sore butt for a week.

I use only canola, extra virgin olive or peanut oils for my cooking.

Nobu Matsuhisa's new style salmon sashimi uses extra virgin olive oil.

The recipe is here, try it for a life changing experience:
https://www.simmerandsauce.com/savory-recipes/nobu-new-style-salmon-sashimi/

(p.s you need to get air-flown certified farmed Norwegian salmon. The feed must be parasite-free, else later become diseased like Serba)



Mabel Haha sharing one the best comment for the day..

On the last note.. Flipping roti canai is actually good especially when the roti canai is using Mabel Palm oil..

Plantation also did great today.. 8 of Mabel's Plantation close Green today..


rr88 mamak also no u so fast in flipping roti canai
03/07/2021 12:20 AM

i3lurker, the amount of shares that were force sold on the 30th of June, 1st July and 2nd July have yet to be reported.

The force selling was triggered first thing in the morning of 28th June at the opening price of 0.405. The equity value in the margin account would have been RM406.6M (1.004B shares x 0.405). Assuming the equity to loan ratio that was breached was 130%, the loan amount at at 8.59am on the 28th of June will be RM312.8M (RM406.6/1.3).


i3lurker That means up to 650 million shares of Serba could be dumped into market starting from Monday onwards.

Hopefully both suepipi and conpipi will support his Master


02/07/2021 11:46 PM

Ekkram, thanks for the Al Jazeera youtube link.

The key messages that I have noted in the video are that UAE is a money laundering center; and that it is almost impossible to make money from, in or through UAE.

Aide memoire:

NMC Health is a healthcare chain and distribution business in the United Arab Emirates (UAE).

NMC, that took BR Shetty 45 years to build, collapsed together with Finablr in a few weeks.

The financial irregularities was first detected by US based Muddy Waters that noted higher growth rates and margins compared to its peers; and abnormal interest expenses in relation to reported debt levels. Subsequent investigations revealed USD4B worth of debt was under reported by NMC.

The local partners were Khaleefa Al Muhairi and Saeed M Bin Butti Al Qubaisi are actually proxies to Sheikh Mansour. Sheikh Mansour is the deputy prime minister of the UAE, minister of presidential affairs, billionaire and member of the royal family of Abu Dhabi.

It is unclear from the video on how the USD4B unreported debt was accumulated. But, one of the interviewee said that hospitals were being built next to existing ones although the occupancy rates were low.

BR Shetty has left UAE and returned to India. BR Shetty continues to plead innocence.


[ Saeed M Bin Butti Al Qubaisi is brother of Khadem Al Qubaisi.

Khadem Al Qubaisi was formerly MD of IPIC and is a co-conspirator of 1MDB.

USD140M of 1MDB's money was used to part pay Sheikh Mansour's yacht - Topaz that costed USD450M to build in 2012. ]




Blog: Digging into Serba Dinamik Partner in Abu Dhabi's Block 7 Project

Jun 30, 2021 2:45 PM

Ekkram Another middle east invesment scandal, go watch NMC health see how they collapse; legit business, EY auditor, stock collapse same as SD. Get Muddy waters & Al-Jazeera to investigate am sure they will do a goodjob on this!

https://youtu.be/xQzLFmIxHlw

He has gone crazy in AirAsia penthouse and everyday screaming 4.5 inches coming.

Cannot sue an insane person.


ggcomliao how ah dickyme article made people sell, can sue 9 him?
02/07/2021 6:04 PM

Depends on nature of diarrhea.

If just improperly prepared sources resulting in diarrhea then should be ok,

However, If the diarrhea is due to insufficient pancreatic enzymes in the intestines, a metastasis of pancreatic cancer may have occurred. In that case, it's very difficult to break the Law of Average - only 10% 5-year survival rate.


i3lurker nevermind lah
The Ultimate Sin in forum cannot forgive one is only this Principle => Threaten to sue people and sue people.

and both conpipi and suepipi broke this "Law"

02/07/2021 4:57 PM

i3lurker, small issue. Can delete articles or kao dim offline.


84. False trading and market rigging transaction
85. Stock market manipulations
86. False or misleading statements, etc.
87. Fraudulently inducing persons to deal in securities
89. Insider trading



i3lurker PSAi3alert

Insider Trading => blatant Insider trading releasing news to Focus and Dagang before announcing to BURSA at 5pm

anybody who got sued by both conpipi and suepipi please remember to counter sue on this "Insider Trading" event today....
02/07/2021 4:18 PM

EY needs unfettered access to KPMG and every staff's grandfather and grandmother.

KPMG might think about it if Serba were to withdraw its suit without liberty to file afresh.


i3lurker pearlwhite

any appointment of INEDS today is valid
and they can straight away appoint EY today and then announce both after 5pm

02/07/2021 4:02 PM

Delay AGM forever and appoint suepipi and conpipi? Maybe, possibly?


i3lurker 208. (1) The office of a director of a company shall be vacated if the person holding that office-

(a) resigns in accordance with subsection (2);


(4) If a vacancy is created resulting from circumstances referred to in subsection (1), the Board shall have the power, at any time, to appoint any person to be a director to fill such casual vacancy and the director so appointed shall hold office-

(a) in the case of a public company, until the next annual general meeting; or

(b) in the case of a private company, in accordance with the terms of appointment.
02/07/2021 4:00 PM

Don't alert anyone lah. Else kena more charges.


pearlwhite .
PSAi3alert 1 more step missing: convening of a general meeting

Only shareholders via a general meeting can vote on the appointment of directors

Sec 203 Companies Act 2016 Appointment of directors of public company to be voted on individually



How did SD appoint the 3 new independents then?
02/07/2021 3:49 PM