After that, let’s take a look at the third point which is the information about the customers and suppliers of Serba and Bahrain. Here is also to tell you that Bahrain is a fact.

However, it is not accidental that KPMG suddenly throws shock bullets. In addition, many of the questions raised by KPMG are relatively low-level issues, such as telephone numbers and addresses and the Serba also responded, and I think that if Serba deliberately falsified accounts, it would not fail to take these simple questions into consideration. So why did KPMG suddenly throw this bomb when the Malaysian stock market is most vulnerable? Who gave the instructions behind? There are some conspiracy theories circulating on the internet. Some say it is because our Finance Minister asked KPMG for funding for 1MDB in May. Some say it is a political infighting in Malaysia and some even say that these are the US’s economic impact on Asia. After all, if KPMG intends to make trouble on this issue, I believe that more information will surface in the future. So, do you think this matter is Serba really making false accounts or someone instruct behind it?

THE CONTENT OF THE FILE: SO CALLED THE INSIDE STORY,..RELAIBILITY UNSURE....
This incident originated on May 25, 2021, when Serba suddenly distributed an announcement stating that they had been notified by their external auditor, KPMG, stating that there were problems with some statutory audit matters. Later, the board of directors is also appointing an independent company to start a special review to evaluate this matter. After that, the 26th was a Wesak day holiday, and there was no trading. Then on the 27th and 28th, Shiba suddenly announced the suspension of trading for two days. At this time, everyone felt that this matter was not simple. Then on May 28th, Serba announced their response to the Special Independent Review issued by KPMG. So here is the beginning of the story. So back to their review report, I believe everyone has seen it shared by many people on the Internet, here I will briefly explain to you, and then analyze their doubts and rationality.
First of all, the first point raised by KPMG is the confirmation of sales and transactions, accounts receivable and balances for certain Serba customers KPMG stated that they have sent confirmation documents for 12 customers, but only one customer replied to this document. And the sales amount involved in these 12 customers is 2.32B the accounts receivable is 652M and the balance is 569M. Later, in order to facilitate the whole process, Serba once again sent a second confirmation letter to the 11 customers who did not respond and received responses from all customers. But until the meeting on May 3, KPMG stated that they were still unable to verify the authenticity of the confirmation document and the signatory of the document. To put it simply, the first point that KPMG put forward is that they can't confirm who are Serba’s customers even though they get a reply. In response to this, Serba’s response on May 6th was that they suggested arranging KPMG to hold meetings with their 12 customers to communicate and solve problems in other ways. Moreover, Serba also suggested KPMG to issue the third confirmation document again, and share the signatures that KPMG feels unable to confirm or have problems so that they can take further investigations. After that, the company's management also said that they will continue to help KPMG in this matter. From this point, I feel that Serba’s reply is reasonable instead that KPMG did not make any response to Serba’s reply after May 6 and then distributed it in a special independent review. This raises suspicion.
Coming to the second point that is, Serba's transactions with local suppliers and the balance of accounts payable. First of all, KPMG stated that they found that 2 local suppliers were incorporated on the same day and the registered addresses of the other 4 local suppliers were the same as the registered addresses of the two suppliers just now. And the paid-up capital of 5 of these 6 suppliers is only 100,000 and they are all held by one shareholder, but the amount of transactions they involve is as high as 60 to 96M. From the second point, does it seem that things are not that simple anymore? Let’s take a look at how Serba explained. They stated that the Malaysian government established a “Vendor Development Program” (VDP for short) in 1998. The purpose of this program is to develop and promote indigenous vendors in the manufacturing and service industry. Serba also became a supplier of Petronas in 1997 and graduated from the VDP program in 2007, and the government also designated Serba as the pillar company of the VDP program afterwards, and the companies mentioned by KPMG just now were evaluated and recommended by VDP relevant departments, the recommended company does not require a large share capital as a selection criterion, and new suppliers that have just been listed in the VDP will also be considered
So this is Serba’s response to why their suppliers only have 100,000 paid up capital. What we see here is that Serba has mentioned his two big brothers: Malaysian government and Petronas. So what does this mean? Serba’s explanation of suppliers having the same address is that their registered addresses are the addresses of their company secretary, and they all use the same secretarial serviceIn fact, it is reasonable for a company to use the address of their secretarial service company as the mailing address. I believe some business friends will do this too but all companies have only one shareholder, which is a bit strange. After that, the two suppliers were also willing to meet with
KPMG, but KPMG did not make any response. Then, Serba also stated that the total transaction volume of these 6 companies is as high as 481M as KPMG stated but similar to the first point is that Serba responded as early as May 6 but KPMG has not yet responded.

I SELDOM write or express my personal opinion on politics and business, and furthermore I am not good in business. However, I can see during Tun M administration politic and business work side by side and always intertwined. This environment continues in “Boss Ku” administration .....and after the fall of UMNO, the same things continues to happened under the so called people government. The PKR....then PN.... Things haven’t changed in the last 50 years – they have only gotten worse. Every politic agenda in Malaysia always be associated with the business......politic funding!!!!!!
As local Malaysian from Sarawak...I am proud of myself, my country and my state. Everything is fair and good except the politic...thats remind me to my late father, he said “ Jangan sekoh main politik sebab politik tok kemaik” (don’t be in politic, politic is dirty).....may be what he said is true....
I have a chance to work in politic, few years ago and one of the task is fund rising for political fund....so where to find fund... .I am confused.. and one of my college give me list, a list of companies, some listed is bursa and some not.....he said see them ask for it....they know what to do....since then that was I did .....till retired 7 years ago...many dirty things happened in front of my eyes...My late father is right.
Recently, I see a local listed company from Sarawak been accused of unethical financial activities.....been reported to authorities and been tarnish their reputation in online ...thats recalled me of an incident similar to this during my work in politic...there is a time we need to tarnish the source of funder reputation when we can’t tarnish the individual....stop the source of money and then negotiate.....Things never change....either in Semenanjung or in Sabah and Sarawak...In 7-10 years involve in politics, I saw many companies been victim.. Sarawak companies also never escape..........
So, the recent incident involved local listed company from Sarawak........anything can happen, Is it a real fraud and unethical activities? a business espionage? or another political agenda? who’s knows.....
Maybe we need to look back on the similarity of the previous incident.....to this incident....

I SELDOM write or express my personal opinion on politics and business, and furthermore I am not good in business. However, I can see during Tun M administration politic and business work side by side and always intertwined. This environment continues in “Boss Ku” administration .....and after the fall of UMNO, the same things continues to happened under the so called people government. The PKR....then PN.... Things haven’t changed in the last 50 years – they have only gotten worse. Every politic agenda in Malaysia always be associated with the business......politic funding!!!!!!
As local Malaysian from Sarawak...I am proud of myself, my country and my state. Everything is fair and good except the politic...thats remind me to my late father, he said “ Jangan sekoh main politik sebab politik tok kemaik” (don’t be in politic, politic is dirty).....may be what he said is true....
I have a chance to work in politic, few years ago and one of the task is fund rising for political fund....so where to find fund... .I am confused.. and one of my college give me list, a list of companies, some listed is bursa and some not.....he said see them ask for it....they know what to do....since then that was I did .....till retired 7 years ago...many dirty things happened in front of my eyes...My late father is right.
Recently, I see a local listed company from Sarawak been accused of unethical financial activities.....been reported to authorities and been tarnish their reputation in online ...thats recalled me of an incident similar to this during my work in politic...there is a time we need to tarnish the source of funder reputation when we can’t tarnish the individual....stop the source of money and then negotiate.....Things never change....either in Semenanjung or in Sabah and Sarawak..., I saw many companies been victim.. Sarawak companies also never escape..........
So, the recent incident involved local listed company from Sarawak........anything can happen, Is it a real fraud and unethical activities? a business espionage? or another political agenda? who’s knows.....
Maybe we need to look back on the similarity of the previous incident.....to this incident....

Recently, I was attracted with the company name Serba Dinamik Berhad an engineering oil and gas services provider, it made me recall to few friends who are working in the company, some was left, and some remained in the company till now. I was told by my friend, the company well taken care of their employees’ salaries, benefit, and bonuses. According to my friend, the company employees is 95% bumiputra, either management or the technical….kira anak anak tempatan lah….we should proud about it. Furthermore, this company originally from Sarawak and, Serba Dinamik able to close the gap between Sarawak and Semenanjung peoples by employing peoples from both areas.



Few days ago, I saw in the internet news online, the NST, reporting about the Serba Dinamik Audit Report produce by external auditor KPMG. The report shows that Serba Dinamik have some audit issues over the transaction worth about RM3 billion and lead to the raiding of Securities Commission investigators. If true about the report, it is very alarming to the Serba Dinamik for practising such unethical conduct in running their businesses.



I contacting my friend in Serba Dinamik and ask whats going on? He concurred about the audit report by external auditor KPMG. He said, there is an element of unusual audit process during the audit activities whereby, KPMG did not able to perform their audit activities as plan. They started in October 2020 and schedule to be completed by February/March 2021 and yet they unable to perform and completed the review process of confirmation. The Serba Dinamik management only be informed about the audit findings in early May 2021 and responded promptly. However, the KPMG decided to stop the audit and go one step further by requesting and independent review. Later someone from KPMG was reported so call the unusual findings in the audit report to Securities Commission which lead to the raiding by security commission on 18 May 2021. That is the version story from Serba Dinamik side shared by a friend of mine.



I have a few relatives worked in KPMG and start ask them, one of my relatives finally open her mouth, she able to have a look the report before it was sent to Securities Commission. She also doubtful about the audit report produce by the KPMG team, seem they are not competent to perform the job. One of the most significant items is about the supplier of Serba Dinamik registered at the same days, whats wrong with that? Other supplier incorporated their company at the same office address? So what? If the supplier registered to the same Company Secretary and using Company Secretary office address..is that wrong? Many companies in Malaysia done it. They send the report to Securities Commission without informing the Serba Dinamik Management, is an unfair audit program, the client has the right to be informed and give them a chance to address all the issues accordingly before reporting to authority. According to my relatives, the audit program was influence by the people with agenda, probably to distract the campaign against KPMG on the 1MDB case and the person reporting to Security Commission is one of Senior Manager KPMG, just a year an half with KPMG. He might be a kambing hitam…..by the way that is the version story from KPMG.



How about Minority Shareholders Watch Group (MSWG)? They are also not unhappy with the situation. The CEO of MSWG (ex KPMG), initially he supports the move by Serba Dinamik to remove the auditors to complete the program and in his statement to the press, he supports the move. However, he denied the statement and supporting the other party few days later, and inconsistence.



In my opinion, there are few doubtful things here, one, KPMG is external auditor service provider since 2013, and got fees for auditing approximately RM700,000 to RM800,000. Quite substantial amount a year, then why they trying to burn the bridge? There is a possibility of the external auditor who are conduct the audit may not competent. They violated the audit process program to suit their agenda. This Serba Dinamik audit report issues may one of the KPMG agenda to draw public attention and diverted their issues with Malaysia Government on 1mDB case. This KPMG also well known to be KPMG-------------KGB, very cunning and evil.



As a local Malaysian and Sarawakian, I am proud about Serba Dinamik and will continue support the local company.