New independent directors not independent at all, all under control of management. No wonder they appointed "shoplot chairman" to do bidding for management

"Without questioning their qualification and experience, the concern is more on the nature of their appointments. The Edge has recently revealed that the three INEDs seem to be connected, thus raising the question of who actually nominated them.

The board has to be more transparent on the nomination process of these three new INEDs, especially in light of them being connected as both Datuk Mohamed Ilyas Pakeer Mohamed and Masleena Zaid sit on the same board in AP Holdings Bhd, while Johan is the managing director of a company that is part of AP’s group of companies. Their appointments have definitely raised many eyebrows on who actually decided on their appointments, and how the trio were identified.

Looking at the background of these new INEDs and probably the nature of appointment, would they be able to handle issues surrounding Serba Dinamik with an objective and independent mind?

Interestingly, the company also made one of the three INED appointees, namely Datuk Mohamed Ilyas, 65, as its new non-executive chairman with effect from June 15, while re-designating its former chairman Datuk Mohamed Nor Abu Bakar, 71, to the position of INED. Datuk Mohamed Nor subsequently resigned on June 19, citing personal reasons. "


https://www.theedgemarkets.com/article/serba-dinamiks-ey-appointment-c...

Easier for SC to file legal suit if there are misappropriation of funds just like the Stonemaster case. If deception case or cheating in accounts, difficult as the MD or major shareholders would have transfered the money to 3rd parties along time ago and not traceable or can't established linkage to wrong doings.


Posted by leno > Jun 24, 2021 10:01 AM | Report Abuse

u file legal suit for what ?
u got money to file or not ?
when u think u can get from filing the legal suit ?

Greed and fear, lingering evils in the stock market.

There is another forum on Serbak in i3i, seemed the IOT guy has gone crazy, maybe lost too much money from misled by Karim and gang.

Good morning What's cooking in Serbak Kitchen?

Dun know whether this is speculation or from the horse mouth? Time will tell.

Posted by siaokar > Jun 23, 2021 10:12 PM | Report Abuse

alenac, just knew it from harry live. but he didn't say ex cfo is the culprit just said after he left shit starts to happen
u know I know lah, who dare to say openly later Godfather threaten with saman oh.

You sure about this and can verify? Any criminal act? If true Serbak will crash soon.

Posted by siaokar > Jun 23, 2021 10:03 PM | Report Abuse

they said all this shit happens after previous cfo left sd last year.
likely that cfo spills the beans to kpmg about the skeleton in the closet.
so shareholders must thanks that ex cfo, lol

Question is how can he be in the BOD of other listed companies?

Posted by bojed > Jun 23, 2021 9:09 PM | Report Abuse

The new chairman has been caught red handed lying to the public in broad daylight.

Forget SD vs KPMG, this lying chairman is the mother of all red flags right now.

hahahahahahah Wayang kayangan chairman, some more want to report to government.

Now, Serbak management wants to expand the scope of reviewing beyond KPMG requirements? But will decide on Friday. Another "Tai chi" mode. Fishy, can't meet KPMG basic requirements and want to do more work?

Posted by leno > Jun 23, 2021 7:50 PM | Report Abuse

Sebak director and chairman already mention so many times.
Sebak accounting raised by KPMG are petty issues.
Very easy to solve.

For the past 2 months, KPMG totally agreed and ask Sebak to appoint 3rd party to solve these "PETTY" and "SIMPLE" issues. Habis cerita. It probably took couple of hours to solve them and SEBAK could be on the way to heaven.

Now, shouldn't shareholders ask why Sebak still refuse to appoint 3rd party to solve the PETTY and SIMPLE accounting issues.

Answer is Sebak is doing a MASSIVE ACCOUNTING FRAUD !!

This is from a lawyer who does not know the audit process and dispute resolutions pre reporting to SC.

Posted by Tok Kong > Jun 23, 2021 6:58 PM | Report Abuse

read what safi said la..

What is the latest update on the appointment of EY for the independent audit review?
Shafee: This process of appointing an independent reviewer and whether it will be EY, they are still [deliberating].

The idea [for a review] was started by KPMG, and KPMG started with a completely wrong process and a lack of investigation. It is therefore in the interest of the company to set aside the sort of ideas that the auditor has suggested.

Yeah, agreed. But only Karim and gang know the real worth of Serbak, implying that if he was to be hang out to the dryer, somebody will have to take over.

Posted by i3lurker > Jun 23, 2021 6:14 PM | Report Abuse

Lady Ramunia is a curse
all who screwed her died of VD, AIDS and some say covid as well

Dun look back
its better to start with a fresh company with zero liabilities

alenac Bro, I am joking. But seriously, maybe behind Karim and gang, we cannot discount a white knight can mop up all the shares and privatise it. who knows?.......tomorrow is another day .....

Bro, I am joking. But seriously, maybe behind Karim and gang, we cannot discount a white knight can mop up all the shares and privatise it. who knows?.......tomorrow is another day .....

Posted by bobvic96 > Jun 23, 2021 5:58 PM | Report Abuse

alenac Rights issue or private placement, since in i3i got so many promoters and supporters.

A major sea-change on this board today, the Faithful (rampers) appear to have given up. I suppose Mabel and unSteady punipi may use their trading winnings to support Karim, but I doubt any major institution would risk sticking their neck out..

Rights issue or private placement, since in i3i got so many promoters and supporters.

bobvic96 alenac Bravo, got 18 months relief from suspension. Another 1.5 years to goreng "sampai garing2".

Serba need funding to continue operations, who is going to give them money?

Bravo, got 18 months relief from suspension. Another 1.5 years to goreng "sampai garing2".

Deloitte got to pay compensation because the audited accounts for certain years were materially incorrect. In Serbak case no audited account was released as yet.

Posted by Sunshine > Jun 23, 2021 5:32 PM | Report Abuse

If auditors are protector by SC act, then how did Deloitte get sued by MOF on 1MDB ?

I don't think anybody is above the law, else power-abuse will happen.

You are right SC and KLSE are enforcement authorities. The hiring of independent reviewers is to allow the management to right whatever documents not in order and settle issues amicably with the external auditors, instead of doing that Serbak Management gone on offensive on their own auditors. Now if all documents with SC, any wrong doing evidences with SC. No turning back. Unless.......hahahahahah......


Posted by pearlwhite > Jun 23, 2021 4:41 PM | Report Abuse

SC is the judge here.

You see at the end of the day, If KPMG go ahead with the qualified audit report, there is penalty with SSM and repercussion with other authorities and off course the BOD will not accept the qualification. So there will be a stalemate.


Posted by phoenixxxx > Jun 23, 2021 4:29 PM | Report Abuse

I think the way they handle very poorly on corporate crisis management. Instead of blaming independent auditor, why not find the root course and resolve it. No company is perfect. If this get bigger, more mistake will be dug up.

That is precisely what KPMG wants, to get an independent party to review all the audit issues and advice Serbak BOD accordingly since they have exhausted their attempts to seek agreement over all points of contention.

Posted by Huangbk72 > Jun 23, 2021 4:23 PM | Report Abuse

No need defend KPMG.. no need defend SD

Its he says, she says.. everyone also confused.

Appoint another auditor to check flagged issues... whats so difficult? Berani kerana benar still applies?

RM 4.3 billion audit issues will off course be material and definitely affect financial position.....hahahahah possible case thrown out.

"Under Section 320 of the Act, auditors are required to report to the Securities Commission Malaysia (SC) and the exchange any cases that adversely affect to a material extent the financial position of the public listed company (PLC), or any breach of securities laws and rules of the exchange."


"And if they do so, they will enjoy legal protection in their employment and also be protected from being sued by the PLC."


KPMG says audit was proper and will contest Serba Dinamik’s suit — but can a company sue its auditor?

https://www.theedgemarkets.com/article/kpmg-says-audit-was-proper-and-...

Now we know which party is a clown?

Folks, is he the same person as Chairman??

1st read this; https://www.freemalaysiatoday.com/category/highlight/2021/04/09/co-op-...

Next read this: https://www.freemalaysiatoday.com/category/nation/2021/04/11/now-kapb-...

Careful now!

Not a case of consistency but probably Public Mutual list of funds got caught at high price.

Mabel

Price Target
Date Open Price Target Price Upside/Downside Price Call Source
23/06/2021 0.63 1.39 +0.76 (120.63%) HOLD PUBLIC BANK
23/06/2021 0.63 0.53 -0.10 (15.87%) SELL AmInvest
15/06/2021 0.74 1.39 +0.65 (87.84%) HOLD PUBLIC BANK
15/06/2021 0.74 0.78 +0.04 (5.41%) HOLD HLG
11/06/2021 0.63 1.39 +0.76 (120.63%) HOLD PUBLIC BANK
31/05/2021 1.13 1.39 +0.26 (23.01%) HOLD PUBLIC BANK
31/05/2021 1.13 1.30 +0.17 (15.04%) SELL MalaccaSecuritie

Mabel's Public Bank has been consistent...

Meow
23/06/2021 12:43 PM

Possible for SC to continue to investigate fraud and anything criminal. Serbak only taking civil action against KPMG.

Mikecyc Haha if this is under court case....can SC continue to imvestigate SD ??
23/06/2021 12:10 PM

i3lurker must have seen "the GF Experience".

Serba is insolvent,
I already told you umpteenth times.
But you were having illicit sex with your BFF three times a day and refuse to see it

KPMG is NOT relevant at all

if Serba appoint Independent Reviewer all HELL will break lose thats why they refuse.
need more time to sell off shares

Serbak legal suit is to get KPMG to resign voluntarily. Nobody in his right mind would sue the health inspector who is responsible to provide you a clean certificate.

Can but bilis can't afford legal fees.

Posted by Noni > Jun 23, 2021 11:29 AM | Report Abuse

Can minority and substantial shareholders sue the company or KPMG?

Must be Public Mutual funds got caught big time in Serbak

shybutter Is this from their analyst?

Posted by roger3210 > Jun 23, 2021 10:56 AM | Report Abuse

PUBLIC BANK
Stock : SERBADK Price Target : 1.39
23/06/2021 11:05 AM

Price is pricy, so if they can afford why not?, Pay more less divi for share holders. hahahahha, not shoplot auditor.


Posted by Gerrardo > Jun 23, 2021 10:53 AM | Report Abuse

This 2 big company actions already give us some ideas on KPMG

Posted by Lee_CK > Jun 23, 2021 10:51 AM | Report Abuse

The MBSB also changed KPMG to PricewaterhouseCoopers PLT start from 31 December 2021. You may refer to the following link:
https://www.bursamalaysia.com/market_information/announcements/company...

The PETRONM (Petron Malaysia Refining & Marketing Bhd) also changed KPMG to PricewaterhouseCoopers PLT start from 17 JUNE 2021. You may refer to the following link:
https://www.klsescreener.com/v2/announcements/view/3378179

If you know any other company going to change the KPMG to other auditor company, please write it here.

AM invest (parent company also 1MDB victim) today call for sell target 53 sen.

hahahahah you are right, in the end Serbak has to pay huge legal fees.

Posted by sharewiz118 > Jun 23, 2021 10:10 AM | Report Abuse

If you pay shafee hugh amount of money he will do anthing

This lawyer specialises in criminal law not civil, he will subcontract it to his closed buddies. Even on tax law he is week until caught in under declaration of income to IRB.


Posted by BlessedInvestor > Jun 23, 2021 9:57 AM | Report Abuse

No good to start law suit now. You should oppoint EY first, after EY gives them clean report then only consider this nonsense. Law suit will prolong the matter, and time is not in SD site and KPMG will fight all the way, for its reputation. I don't think this ganster lawyer knows the audit industry practice and chance of SD to win the case is very very slim. In terms of size, Serba is small fry as compared with KPMG which is international big 4 firm. Serba is international big 4 oil firm?

Looks like more stock clearance by EPF, all falling into the hands of bilis and day traders.

Posted by IbnuShaari > Jun 23, 2021 9:11 AM | Report Abuse

things still not stable until EPF clears their position. The price they clear their position is around 64-67c, that where the biggest hurdle to go up

Possible a drama to deflect the self inflicted problem in their company, since they have appointed a royal Pekan head chef, the famous Tai Chi master of illusion.

Posted by paulthesotong > Jun 23, 2021 8:38 AM | Report Abuse

Btw ..Nothing Special The Chairman is the guy sitting on a chair on carrying a sedan chair no worry Kmpg.

Hahahahah, the new chairman attack the audit profession by comparing shoplot auditors(small audit firms located in shops) with KPMG. How about Mr Chairman providing convincing evidences on issues raised by KPMG, should be simple procedures, why want to prolong the problem, by playing the gallery?


Posted by OrlandoOilSemiconIoT > Jun 23, 2021 8:18 AM | Report Abuse

KPMG

Not too late

Come out n present ur IRREFUTABLE EVIDENCE to nail Karim

Come on

Good Morning, is something cooking in Chef Karim and gang Kitchen?

True EY may have come to the same conclusion. Possible Serbak may want to force KPMG to resign with the legal suit, so no want can blame the management for change of auditors but question is which auditor is going to take this job, maybe a small time auditor, not the big 4 but who can sign anything on the table?


Posted by James > Jun 22, 2021 9:01 PM | Report Abuse

Wtf… EY didn’t being appointed or most probably didn’t want to take this audit work.

https://www.theedgemarkets.com/article/amid-suit-against-kpmg-serba-di...

If you sue the auditor, how is he going to provide ongoing services? What is Serbak BOD thinking?


Posted by williamtkb > Jun 22, 2021 8:54 PM | Report Abuse

Limit up??? Roller coaster everyday? If audit report still cannot ready, SC might suspend the trading until audit report out. It might take longer time if change auditor.

Hahahahah, now looks like no more independent review. So how is the issues/audit going to be settled if you are going to sue the health inspector when your kitchen is dirty and you do not want to get an external cleaner? Serbak on "Tai chi" mode again. In the mean time, small timers going to be squeezed slowly.


"At the press conference, Muhammad Shafee also pointed out that the idea to conduct an independent review was first mooted by KPMG.

“EY’s name was bandied about as a probable auditing company to conduct the independent review.

“The idea was started by KPMG, and KPMG started with a completely wrong process and a lack of investigation… It is therefore in the interest of the company to set aside the sort of ideas that the auditor has suggested,” Muhammad Shafee said."

https://www.theedgemarkets.com/article/amid-suit-against-kpmg-serba-dinamik-yet-appoint-ey-independent-review

Question is, will EPF stop selling Serbak?

Posted by Stockisnotfun > Jun 22, 2021 6:51 PM | Report Abuse

Chairman replaced already yet do the same mistakes again. The sequence of action always wrong one. Like last time first kpmg raise red flag then suddenly want to replace the revoked the division.

Now want to sue kpmg before EY audit finish just want to recoup and stop the losses in share price. What's this logic? The reason they said it's want to sue the KPMG audit process is wrong.

A non audit firm tell KPMG the way doing are wrong? Then you should back up with EY comments on this. Don't how he know KPMG audit process is wrong.

It is a wayang to deflect attention from the audit issues and the collapse of the share price. That's why they employed a puppet master. It is not cheap as we know.

Posted by pearlwhite > Jun 22, 2021 6:33 PM | Report Abuse

.
@Stockisnotfun Haha they should sue only when EY comes out the result. They trying to sue now got what use? No evidence whatsoever to prove kpmg is wrong

They are suing the audit process not the the issues KPMG reported. Even if EY side with KPMG, SD will still pursue the case with KPMG

That's why employ Shafee, the head chef.

Posted by Stockisnotfun > Jun 22, 2021 6:30 PM | Report Abuse

Haha they should sue only when EY comes out the result. They trying to sue now got what use? No evidence whatsoever to prove kpmg is wrong

Yeah, Chef Karim and gang back in kitchen. hahahahah............

Posted by probability > Jun 22, 2021 6:24 PM | Report Abuse

my frank view on SD now....they definitely not white earlier but grey...now they must have done something to clean up such that they will look white now.....

this is what i get from this special announcement (no reason to ask for additional trouble by suing KPMG unless you know the odds of winning is high)

to protect against margin call sounds bullshit at this price level

On 17-Jun-2021 EPF sold another 3.4 mill shares. Must be selling everyday now.

Shafie, Jibby lawyer, Jibby also lost in 1MDB case. This legal action looks more of covering own wrong doings. Caution because the audit will drag and no more financials coming out. Everything in limbo. Should have sacked KPMG as earlier proposed.

Posted by Steady Punpipi > Jun 22, 2021 5:14 PM | Report Abuse

Top lawyer shafie shld filter out those lowballers too ya

Hahahahah see more independent directors resigned more fireworks to come?

Probably the related parties transaction, but this is side issue, crucial issues are the RM4.3 billions still to resolve.


iHunter The rumours among hedge fund saying that he going to deny the company involvement in some countries.

This is good news for shorters and hedge fund to clear thier holding which we have been waiting for him to make any announcement. It's going to be fun.
22/06/2021 10:14 AM

New chairman wants to promote himself, old chairman resigned. Not a good sign. This press conference can solve the outstanding audit issues? Hardly.........

wow, bad news after 5pm. Go top up somemore?


Posted by pendekarbujang > Jun 22, 2021 9:42 AM | Report Abuse

Bad news usually announce after trading hours.Good news will be at noon.Stay tune for good news today.Top up some more.Im coming

If go below 54 sen Awang bankers start to forced sale again.

Where is gigolo(gg)comliao? Let him kill himself.