Already too late, many got burned including funds. Now investors should run when a company got audit issues.

Posted by ǷearlꙌhite > Nov 26, 2021 9:49 AM | Report Abuse

.
If you can get a video of this, would be great. I can use it to determine truth and lies. If there is no sound, its ok.

From all the other videos that I have seen from CEO Karim, he was telling the truth about the audit issues and BAU. The only exception was that he told the media that SD had to sue KPMG, which I read from his facial expression, as not the truth.

Looks like end of the road, whatever left is to appoint an ex police officer and now rubbing shoulders with royalty. Great PR exercise. Where will it lead to? Counter still suspended.

Presently market reaction to bad news super fast. Learn from Serbak fiasco?

NatsukoMishima 1.9m lots at sell Q ! Who buy who die , beware of 3rd trap coming ! Next week 22 sen ! Faster than serba dinamink n scib !
26/11/2021 9:17 AM

Worst case 16 sen. 25% of NTA.

PATIKAYA Cheap cheaper cheapest....berapa..
26/11/2021 9:11 AM

Woow, real slide. Good prospect as Dyson subcontractor. Why need to employ slave labour? Management too greedy?

I won't blame you as the creative accounting to fool investors must have started a long time ago. I think the only remedy is to take class legal action together with mutual funds caught in this Serbak fiasco. Seek compensation against parties responsible for the fraudulent accounting, if proven to be when the dust settled later.

Posted by IdleMoney66 > Nov 25, 2021 4:15 PM | Report Abuse

TBH...i have invested 140,000 unit here at average price of 0.70. Total amount invested here is RM100,000

Incall or outcall?

Posted by Superbull88 > Nov 25, 2021 4:03 PM | Report Abuse

Mabel provide special services , 1 shot. RM 200
2 shot RM 350

UNLIMiITED shot RM. 450. , with konddom ,without konddom add extra RM 100


Services include. Foot fétish jilat. , 36 style. ,include meow …..meow …..meow style


Come enjoyed , Mabel gurantee 100 satisfication

What I heard and read in this forum, last time or previous financial year before this current one, the entire group was audited by KPMG office in East Malaysia. When it was taken over by KL office red flags started to appear and coinciding with the resignation of Serbak CFO.

Vicky If these projects are fake why KPMG did not sound the alarm in the previous years. Take note if Serba is nailed on the coffin. Kpower and Scib will follow. No one will trust Pak Karim and bumi companies anymore. Check your facts bro.
25/11/2021 2:44 PM

Public Invest gave up coverage. Public mutual fund losses in millions investors money chasing Serbak.

This could be the reason to get an ex-police man sitting at the front door before creditors come knocking and also at this moment its physical assets could be under threat of thievery.

Posted by shareinvestor888 > Nov 24, 2021 11:54 PM | Report Abuse

@alenac….. with ongoing corporate governance issues now culminating in Bursa taking legal actions via court against Serba, if serba really default on coupon payment after grace period….maybe the ‘final nail on the coffin’ figuratively speaking.

Looks like coupon payments will default next month all directors parachuting from the board. No hope for SIR to be out at all. See whether the new auditor dares to come out with a clean Auditor's report.

Posted by shareinvestor888 > Nov 24, 2021 11:30 PM | Report Abuse

Who calls the shot? Karim or chairman?

Is Chairman an Executive or a Non-Exec Chairman?

Poor company, management running it into the ground.

Prevent creditors from looting the company's assets?

Posted by Jarklp > Nov 24, 2021 11:19 PM | Report Abuse

I think the new chairman can handle... as long as the issues remain non-factual and trivial....lol

Seen this kind of arrangement before when the company is in big trouble get ex-senior police officer in charge. The end is very near.

Jarklp "the duo said the requirements imposed by Bursa Malaysia on Serba Dinamik had prohibited them from fairly discharging their duties as independent directors."

- why the new chairman can perform the duties but the two can't ?
Answer : Because they are shop lot directors... lol

New chairman can handle SD's accounting issues ?
24/11/2021 11:17 PM

Can be just a transfer without payment? As Chef could be in debt with banks as Serbak shares have zero value and bank can recall loans any time.

Posted by Legend > Nov 24, 2021 11:10 PM | Report Abuse

KUALA LUMPUR (Nov 24): Serba Dinamik Holdings Bhd group managing director and chief executive officer Datuk Dr Mohd Abdul Karim Abdullah has sold 25 million shares representing a 4.606% stake in KPower Bhd, formerly known as Kumpulan Powernet Bhd, at below market value.

According to the company's bourse filing, the shares were sold via a direct business transaction. The purchaser was not specified.

The 25 million shares were sold in two separate occasions, with the first tranche of 21.25 million shares sold on Tuesday (Nov 23) at 40.9 sen per share. The remaining 3.75 million shares were sold on Wednesday at 45 sen per share. KPower shares settled at 56.5 sen on both days.

It is just an excuse, even shop lot chairman and another director also can't handle CEO, Why the SBranch fellow take over as interim chair and still in the board?

Posted by Legend > Nov 24, 2021 9:44 PM | Report Abuse

KUALA LUMPUR: Serba Dinamik Holdings Bhd chairman Datuk Illyas Pakeer Mohamed and independent non-executive director (INED) Johan Mohamed Ishak have stepped down from the company's board with immediate effect.

Illyas and Johan were appointed as INEDs of the integrated oil and gas service provider on June 18.

In their resignation letters dated Nov 22, the duo said the requirements imposed by Bursa Malaysia on Serba Dinamik had prohibited them from fairly discharging their duties as independent directors.

As such, they were unable to fulfil their responsibilities to the company, its shareholders and the overall fairness of their independent directors' role in the Malaysian capital market.

Suspension already hurt them a lot until many sardines here gloating and ranting day and night, some has gone insane scolding and attacking others, while a few hallucinating without any ketum and ganja.

Posted by NatsukoMishima > Nov 23, 2021 10:52 PM | Report Abuse

Delisting is the only way ! Burn all your hard earned money !

Really bad management got lots of things to hide. Now how bad it looks on SERBAK, until regulators have to take court action to force them to disclose SIR.

Posted by leno > Nov 23, 2021 9:51 PM | Report Abuse

Bursa Malaysia Securities Bhd has filed an originating summons in the High Court of Kuala Lumpur against Serba Dinamik Holdings Bhd.

The summons, under Section 360 of the Capital Markets and Services Act 2007, is “to order Serba Dinamik to make an immediate public announcement of the factual findings update on the special independent review as at Sept 30, 2021”.

“The court application arises from Serba Dinamik’s failure to comply with Bursa Securities’ directive dated Oct 22,” the stock exchange regulator said in a statement here today.

Bursa Malaysia’s directive requires Serba Dinamik to disclose the material findings of the factual findings update as at Sept 30, made by Ernst & Young Consulting, which was appointed by Serba Dinamik to carry out an independent review to assess the veracity and accuracy of matters highlighted by Serba Dinamik’s then statutory auditor, KPMG.

The court application was brought “in discharge of the role and responsibilities of Bursa Malaysia Securities in regulating the conduct and enforcing compliance with the continuing obligations of listed issuers pursuant to the Main Market Listing Requirements (MMLR),” it said.

If the audited accounts are fully qualified (meaning the accounts are not true and fair and cannot be relied on) then no banks will lend money to Serbak. Serbak lifespan will be shortened to either next month or by May 2022.

Posted by moneySIFU > Nov 22, 2021 7:52 PM | Report Abuse

@newtrader1989, it is possible if Nexia qualifies the accounts

May be Karim will sue them for not competent, disqualifying the auditors.

Ooooooo still some people think that trading will resume? Goodluck.

Yeap, people's choice. You are who you vote for. Sad but hope for the best, while the looting goes on............and RM remained weak......


https://www.theedgemarkets.com/article/ringgit-likely-decline-further-against-us-dollar-next-week

Posted by jackfruit > Nov 21, 2021 4:41 PM | Report Abuse

People choice. Decision is made...................

Ok your choice, lives for today, don't care for your children. Isn't that a PK attitude?

Posted by DonLee > Nov 21, 2021 3:25 PM | Report Abuse

you know how PK is PH ? people vote and support kleptocarts also dun want support your PH la. wake up and look at your own PH failure and mistake .

election promises not full fill, keep coming out said government no money .
yr PH deserve it now

Good idea Chinaman, tell me how do you produce a winning strategy when we are living in an economic bubble where 3 people really work and contribute to productivity and income tax, the combination of these allowed the government to finance part of their budget and because of insufficiency due to wastage and leakage resorted to more borrowings to feed another 7 people. When is the vicious cycle going to burst?

Posted by chinaman > Nov 21, 2021 1:45 PM | Report Abuse

Find economist, professionals, entrepreneur who can boost up the economy will be winner. all return to BN, due to their historical proven make $$$ skills., unlike Taliban, Katak or Opposition who ask people stay at home, makan rumput....

Hahahaha Victory to kleptocrats will result in a big jump in KLSE index?
The pillaging of the gravy train moved on .........tutututututu. Good luck .........for the next generation of malaysians.

"The great thing about being accountable only to God is you get to choose what those accountabilities are. Since you get to pick and choose, you’d choose those which you think you can ace.

The secret is – don’t choose the big tough ones! Forget about fighting corruption, abuse of power, betrayal of trust and judicious use of resources, because these are hard and risky.

Those who are guilty of these big ones tend to be very powerful, and usually very nasty, too. They can easily throw you into prison, or persecute you in so many other ways, or at the very least deny you the success you seek.


https://www.freemalaysiatoday.com/category/opinion/2021/11/21/selective-accountability-of-leaders-who-thrive-through-3d/

If payment is made by 8th Dec 2021, SD will buy sometime even though suspended. But by May next year, the principal is due of at least RM1.7 billions. Based on the C rating no lenders are going to touch Serbak for refinancing. Slow death cumming?

Posted by bojed > Nov 20, 2021 6:05 PM | Report Abuse

With that being said, I think there is a bigger chance of SD paying their coupon before announcing their SIR and AR.

Looks like the Chef going for assets striping of the company if he is still adamant in refusing to allow for the release of SIR. Time will tell when coupon payment defaults next month.

Could be a direct transfer to hold on behalf before the authorities ...................

linheng Karim shift his holdings to Mustakim. Something happening soon
19/11/2021 9:38 AM

Of All Honesty, when he bragged too much, at the moment still zero value. Come 30th November if still suspended........which Ketum schoolboy will have to 射击飞机.


Stock: [SERBADK]: SERBA DINAMIK HOLDINGS BHD

Nov 14, 2021 1:52 PM | Report Abuse

Dump thoughts, if SIR is good, Chef would immediately release the report. Almost 100% bad, that is why Chef put an injunction on EY as well as Bursa from releasing the report. Simple logic overshadowed by greed that when he buys at below 35sen, he expects there will be limit up when relisted. Even relisting is not certain at the moment.

Does it really matter whether the Audited report is out? So long as SIR is not released the counter remained suspended. Face the fact. Prolonged legal case will sink Serbak altogether. If I am Serbak employee, I will now resign and get a better job.

Posted by superrr > Nov 19, 2021 4:03 PM | Report Abuse

8 days of death penalty days left...

From the fracas between the CEO and ex independent directors, was there
collusion or conspiracy to defraud shareholders of Serbak?

On Aug 27, someone made a comment in this forum and I requested further info. But no reply. So it was a report on an ex KPMG independent director of SERBAK quarrelling with Chef.


"The mystery remained whether there was a basis for KPMG to complain directly to SC and followed up by a police report without seeking a response from the client, namely Serba. SC and Bursa seemed to be dragging their feet."


Stock: [SERBADK]: SERBA DINAMIK HOLDINGS BHD

Aug 27, 2021 2:16 PM | Report Abuse

Wow, there was a police report? I really miss this one. If KPMG made the report it must have been a criminal offense?

The mystery remained whether there was a basis for KPMG to complain directly to SC and followed up by a police report without seeking a response from the client, namely Serba. SC and Bursa seemed to be dragging their feet.

The Head of the audit committee had a big fight with CEO (Chef) before he resigned and shortly all independent directors resigned. Big red flag. Until a police case was recorded. Make your own conclusion of how serious are the wrongdoings.


Pada 26 Julai, bekas Pengarah Bebas Bukan Eksekutif Serba Dinamik, Hasman Yusoff yang juga adalah sebahagian daripada 44 rakan KPMG yang terbabit dalam tindakan undang-undang 1Malaysia Development Bhd (1MDB) yang difailkan oleh Kementerian Kewangan Inc (MOF Inc) dan Kerajaan Malaysia, disiasat polis atas dakwaan kesalahan mengancam Ketua Pegawai Eksekutif Serba Dinamik. Hasman ialah Ketua Jawatankuasa Audit dan Risiko Serba ketika KPMG membangkitkan masalah audit. Sejak itu beliau meletak jawatan.

Are you so sure it will come out? Looks very slim as Serbak are not keen for SIR to be disclosed.

Posted by SHQuah > Nov 18, 2021 7:36 PM | Report Abuse

Another 2 weeks. Cannot wait for quarterly and Annual report.

No more Cinapek, sudah diMelayukan. Early days of controversy Islamic organisation asking all Muslims to buy Serbak shares to support the price. Now, where are those ayatollahs hiding?

Posted by leno > Nov 18, 2021 6:58 PM | Report Abuse

shop lot cinapek masuk islam mualap company

Dump thoughts, if SIR is good, Chef would immediately release the report. Almost 100% bad, that is why Chef put an injunction on EY as well as Bursa from releasing the report. Simple logic overshadowed by greed that when he buys at below 35sen, he expects there will be limit up when relisted. Even relisting is not certain at the moment.

Honestly, KPMGG suspected the contract got issue which is around rm4.54billion, then share plunged from 1.6 to 0.32, few times limit down already (from 1.61 first limit down to 1.13, then second limit down from 1.13 to 0.795, then all the way to 0.32, then rebounded back to 0.50+).

If we use tHis rm4.54billion as a basis, then with 3.272billion shares, 4.54/3.272=1.22

1.61-1.22=0.39

This 0.39 is the price that based on the assumption that the accounting got issue of rm 4.54billion. so current price is actually quite attractive already.

However, if the new auditor can confirm that the accounting has no issue of rm 4.54 billion, then what do you think?

Potential creditors taking first bite of Serbak rambutan.


HSBC Amanah Malaysia Bhd, AmInvestment Bank Bhd, Bank Islam Malaysia Bhd, MIDF Amanah Investment Bank Bhd, Standard Chartered Saadiq Bhd and United Overseas Bank,

Whichever comes first, creditor's winding up or SIR release.

Posted by greedy44444 > Nov 13, 2021 4:40 PM | Report Abuse

How long SD would continue to suspend from trade ? 2 months ? 2 years ?

2 or 3 years down the road or even earlier, if it happens, don't be surprised whatever assets left would be bought over by connected people of the previous management. Welcome to the corporate world.

Posted by i3lurker > Nov 12, 2021 10:08 PM | Report Abuse

Hooray!!!

shortage of coal
need to buy some cheap tables and chairs from Serba to use as firewood
also maybe got lots of toilet rolls there as staff esos all pangsai

hopefully KPMG can charge RM20 million as Receivers and Managers fees



=> One man weeps and make another man sing....

Next change, what is cumming for Chef? Interesting development, but many have lost money big time expecting Serbak to recover. Next Serbak will be with the receiver appointed by the creditors?

"The regulator assures the investing public that it has made progress on its investigation and additional resources have been added to the team to ensure the investigation is completed in a timely manner."

Several big funds including Public got caught big time besides sardines here ranting and gloating all day long. Not listening to experience punters here is a big mistake. Thinking that a few good comment buddies warning since early June and suspecting that they are just trying to buy low is a big mistake. Greedy people deserved to lose all.

Posted by wolfbroker > Nov 12, 2021 8:57 PM | Report Abuse

Until today Public Bank still advise to HOLD.

Interesting.

PublicInvest Research Headlines - 12 Nov 2021
Source : PUBLIC BANK, Price Call : HOLD, Price Target : 0.31
Last Price : 0.35, Upside/Downside : -0.04(11.43%)

Does it really matter who holds shares in a suspended company? Suspension cause shares to be unmarketable and lose their value. Chef is the main culprit. Legal and criminal action has to be taken on the existing management for fraud and other misdemeanors.

Posted by ǷearlꙌhite > Nov 12, 2021 2:00 PM | Report Abuse

.
SC assures the investing public that it has made progress on its investigation and additional resources have been added to the team to ensure the investigation is completed in a timely manner.

Lets see how SC supports the investing public.

Just as a reminder, as confirmed from research houses, the following hold the % in SD.

https://www.bursamarketplace.com/mkt/themarket/stock/SERB/ownership

PNB - 6.2%
EPF 5.0%

The imminent collapse of Serbak, misses interest payment of the bond, another 30 days b4 full default., other tranches of bonds due too. Obviously, he is bailing out before creditors take over.

What started as audit disputes between Serba Dinamik and its former auditor KPMG have evolved into a legal stand-off and soon to be a likely demise of the company?

Serba Dinamik misses coupon payment for US$300m sukuk
Adam Aziz
/
theedgemarkets.com

November 11, 2021 14:40 pm +08

https://www.theedgemarkets.com/article/serba-dinamik-misses-coupon-pay...

Great thoughts about the Serbak group fiasco, however Chef hired a hustler lawyer firm is a defensive strategy ie to delay all authority's actions towards him as he gather enough resources to parachute out of his companies. Whether he broke the law is another matter for SC to decide and to take action.

Posted by PSAi3alert > Nov 11, 2021 12:21 PM | Report Abuse

KPMG settling with Serba?

Hahahaha

FFU (Factual Finding Updates)!


Jul 31, 2021 5:32 PM Posting

"Ex turpi causa non oritur actio" and the need for locus standi in filing an action.

Some thoughts below

A company CEO that is insane will sue everyone that wants the truth on his wrongdoings in SERBAK and other companies.

Delists will be a funeral for Serbak. Oil and Gas companies need lots of working capital, listing status allowed them to tap funds from the capital markets via rights and borrowings. Without all these facilities Serbak will sink. As it is now the company is at the tail end of its life span with Chef still the MD. A new set of directors and management is crucial for its survival.

Posted by gemfinder > Nov 10, 2021 9:36 PM | Report Abuse

Beter delist la. Karim can do watever magic acc oso nobody cares. Kaakakaka

Not the time to talk about shareholdings. It is over. Whoever holding Serbak shares are in distress. Zero value.

Posted by Layman2020 > Nov 9, 2021 8:44 PM | Report Abuse

Thanks , this source trusted? If true then others saying EPF and institution sold off all is simply bluffing. So bad liar

Good afternoon, since when you become a lowballer


Stock: [SERBADK]: SERBA DINAMIK HOLDINGS BHD

Jul 28, 2021 8:12 AM | Report Abuse

Anybody here dont think CEO KArim will sabotage or shoot himself on his own feet ...except for naysayers and lowballers ...spot on ?


Stock: [SERBADK]: SERBA DINAMIK HOLDINGS BHD

Jul 28, 2021 8:08 AM | Report Abuse

Relax and chill....CEO Karim oledi knows the outcome...thats why keep shares buyback ...isnt that a good hint to start the ball rolling ?

Dun kid yourself he has to parachute from Bursa and the 3 companies. His days are numbered. All the legal actions are a smokescreen for his departure.

Posted by Mabel > Nov 9, 2021 2:01 PM | Report Abuse

Actually Karim disposing SCIB and K Power Shares is always Good news to Mabel...

More Money to BUY Serba Mother Shares Mah...

Meow

Civil servants are the votes bank for every Malay based party, used to be UMNO votes bank. Whoever gets their votes will be the government. It is politics. Civil servants are treated well by the government of the day, they get full salary during MCO locked down and many other goodies. How long can it last? It has been going on since Merdeka and off course until oil wells run out.

DickyMe "I just Googles “number of civil servants in Malaysia” and found this: The number of civil servants as of March this year stands at a whopping 1.71 million,"

============================================================

Let's do a simple math.
Assume all civil servants are paid minimum wage of RM 1500 per month excluding benefits.

So, 1.71m x RM 1500 = RM 2,565,000,000 (~ RM 2.55 Billion) spent every month to keep the civil service machinery running.

Therefore in a year, RM 2.55 x 12 months = ~~ RM 31 billion. Mind you, it is just bare minimum with assumption that everyone earns RM 1500. The reality is different, which could double it up to RM 62 billion with all benefits and other salary scales
included.

It's mind boggling expenditure.
08/11/2021 8:59 PM

Now sue Bursa, last time KPMG. Chef is not capable of doing business when you insist to sue everyone. Think you are always right. The so-called simple issues can be readily resolved statement thrown into the wind, cannot be immediately reported by EY? Why, Mr Shoplot Chairman?

Aiw Siow https://www.bursamalaysia.com/bm/market_information/announcements/comp...
08/11/2021 4:03 PM