Jun 27, 2021 12:20 PM | Report Abuse

Steady Punpipi Who knows SD better ... no other than the founder himself to Dato Dr Karim aka Elon Musk Malaysia version ...hahaha.

You are confused, you should compare Karim with the 'smartest guy in the room', Bernie Madhoff

Steady Punpipi Who knows SD better ... no other than the founder himself to Dato Dr Karim aka Elon Musk Malaysia version ...hahaha.

Saved for future use ;)

nuilam hali Jumlah dividen bagi tempoh kewangan berakhir 31 Mac 2021 adalah 5.45 sen sesaham biasa.

Please advise when it is in your bank account

OrlandoOilSemiconIoT Price is not a good indicator of right n wrong

It is not feasible a company can make that much profit in a depressed market. You also need to consider, the more companies Serba takes over the more difficult to run efficiently yet Serba only touches the new ventures and they immediately turn to gold.

Keep swimming against the tide you will physically be very fit, mentally exhausted.

Breaststroke, backstroke, butterfly or freestyle?

OrlandoOilSemiconIoT https://klse.i3investor.com/blogs/patheticfallacy/2021-06-26-story-h15...

Breaststroke, backstroke, butterfly or freestroke?

OrlandoOilSemiconIoT Average man on d street thinks simply put figures in QR is without consequences jz coz QR r not audited!!!!

Q5 report continues on the 2020AR which even worse than unaudited it is RED-FLAGGED and is the reason the share price has dropped as Serba convinced everyone they are not to be trusted.

Keep swimming against the tide you will physically be very fit, mentally exhausted.

OrlandoOilSemiconIoT Huang


For ur own good u shd up n keep an open mind


See latest QR for d statements

You mean propaganda. The QR is fudged.

When Unsteady Punpipi's new 3, fine upstanding pillars of the financial community, start as Directors, the company will soon unravel and the BoDs failures will be fully exposed. Karim knows this and the lawsuit is only playing for time so he can abscond to join Jo Low.

Just be realistic. KPMG presented to the INEDs as they were not getting any cooperation from the Eds, the INEDs did nothing as they were bullied by Karim. The only reason Serba asked for an extension was so that Karim could have more time to bully KPMG.

The suit against KMPG is baseless. Shafee, of course, will milk Serba for every penny he can get - which does not include advising it is a lost cause.

OrlandoOilSemiconIoT I m jz wit a strong sense of right n wrong


Unfortunately, you are just believing the propaganda put out by Serba. Just consider which company is acting more professionally.

OrlandoOilSemiconIoT https://klse.i3investor.com/blogs/patheticfallacy/2021-06-26-story-h15.

Your continuous bleating on the same subject is pathetic.


My position is that I am totally p1ssed off with the BoD, and Karim in particular, for losing a combined (including SCIB) 46.5% of my gamble - I did think it was a sound investment given the figures and supported by ramping anal-ysts who probably are well paid.

What is your position?

1) a shareholder who desperately hopes the share price will shoot up to RM1.6 and above
Sorry, but you should forget you silly notions

2) A Serba employee worried about his job?
Truly sorry if that is the case, been there done that, and survived. Hopefully the company will pull through but needs a new BoD before that can happen. I wish you all the luck.

3) Someone who is not involved who just thinks a grave injustice has been done to Serba?
Wow! Naive

4) You are Karim or Karim's offspring or related in some way?
Tripley sorry for that

5) You are paid by Karim to support him?
Now we are talking, if Karim pays me back my losses, plus interest, I'll swap sides and join the Fanboys.

Steady Punpipi INTERNAL CLEANING COMMON IN ALL COMPANY ...UNITED WE STAND

"Sebanyak tiga nama telah dikenal pasti dan mereka ini mempunyai pengalaman yang luas dalam bidang perbankan kewangan Islam, undang-undang dan tadbir urus korporat serta integriti," katanya dalam satu kenyataan hari ini.

If that is fully true, it is the end of the EDs.

OrlandoOilSemiconIoT My england my ang mo not good

I think you will find that in the real world, outside of Serba's visual distortion field, the word 'suggested' would have been used in place of 'demand'. This is further Serba misinformation to try and destroy KPMGs competence. KPMG know full well they cannot demand. The client either addresses the issues or KPMG don't sign alternatively the client can have a 3rd party verify.

Amazing that most of the INEDs have given up Serba as a lost cause but some blindly hope on.

Steady Punpipi With a solid and sterling profits announced shows that SD has what it takes to continue be profitable and the court verdict will cleared its name In the matter of time as more and more news articles published are in SD favors . I do not listens to lowballers with own agenda rather from the Dato Dr Karim himself ...the founder of SD . So many fake i3 IDs bas mouthing SD , I will raise this issues at the next SD AGM by screen shooting all the unfounded speculations by i3 lowballers in this forum if found to be misleading and untrue can SD pls initiate a lawsuit on these lowballers for damaging SD reputation in black and white ....lawyer Shafie will answers all your Questions ...pls be careful of your own agenda , could cause you a lawsuit in the next SD AGM...see you there

You still have shares to offload?

Serba must have exceeded its gearing ratio of 2.0 for debt to equity. The banks should be calling back their loans.

williamh Too big to fall this bumiputra company, the white knife from govt。will step in to take over and bill out.

If that is the case to maintain credibility, the shares need to be suspended, the BoD needs to be replaced and a proper functioning BoD put in place.

The 2020 accounts need to be properly audited - with a proper BoD there should be nothing to cover up and EY will take it on - and praise or damnation attributed as found.

Salvage the parts that are salvable.

Vicky Remember 3 companies in Bursa are affected. Kpower, Scib and Serba. This damage our capital & financial market system. How can we trust especially these companies anymore. Karim will carry a bad reputation everywhere. So by hook or crooks he has to settle this issue.

And my painful experience with SCIB is they get a contact, issue a PP, make some money and issue it as required. Then rather than build the company with the remaining profit, they issue warrants so nothing else can be done until another PP takes place. Hardly what the BoD should be doing in looking after its stakeholders.

tollebunsmith 23 June 2021 : 279,343,269 new Maybank Shares to be issued at 88.01% reinvestment rate.

I think the conclusion is correct, however, the recipients actions are difficult to predict in terms of selling or topping up further.

Much may depend on the fund managers requirements in terms of cash requirements.

omega How come Bursa as regulator body just keep silent... the whole issue is about integrity

How can they comment about an ongoing case. They have to ascertain the full facts and file a case before anything can be made public, otherwise it would be a lynching mob at Serba's or indeed, although unlikely, KPMG's door

jeffchan1901 if SC and Bursa dont act. imagine what will happen to foreign fund managers, who might not enter Malaysia capital market ever. now international market seeing how SC or BURSA handle this.

Question for all. Do you think SC and Bursa gonna walk on egg shells over this issue? they already issue notice to submit plans for auditor which already fail to comply. another fail compliance, most probably gg liao

As I said previously, Bursa's and probably Malaysia's reputations are on the line and it needs a transparent resolution, ie. not a rogue manager in Dubai. Credit Suisse and Blackrock were investors. Certainly the Swiss don't like corruption (unless it's theirs). They will be looking at the resolution of the Serba issues.

jeffchan1901 but if KPMG reached a stalemate with management on the final accounts then how? possibly the auditor drag on the final accounts cause getting unacceptable answers.

The only logical conclusion, Serba asked for an extension to the 2020AR so Karim had more time to try to bully KPMG into submission

Vicky Also KPMG you have been Serba auditor for the past 7 years. Any issues in the past if not reported already agreed by you. Do not bring out the past. Look at present how you handle Serba. You are employed by Serba to do audit only ! Serba is your client and has the right to accept or reject your report. If you need an independent review go ahead. By leaking unverified reports to investors is a disaster. I am an auditor for many years. I like to catch thieves but this is a multi-million business. Collateral damage is irrevocable

First highlighted by KPMG in 2019AR that Serba need to address the receivables, stock, etc. Serba only increased the values. Serba shot themselves in the foot.

Vicky The report has to be verified first with the client till independent review is done and concluded before you go to SC. I am also an auditor for many years. How can KPMG report to SC directly since the independant review not yet settled. You are sure SD is a thief. Also how can the audit reports leak to Public. Every details l can see. If l am n investors l will run away. Confidentiality is beaten down. If the reports are not correct then how to settle? Billions are lost now. Come on KPMG. Also Serba your actions now is very important for get back client confidence. When is the report will be out ?

KPMG have nothing to do with Serba, other than possibly getting paid for the 2020AR, Serba forced them the resign.

All up to Serba now to clear their name which they could have prevented by resolving KPMG's issues (rather than bullying KPMG to accept Karim's version). It really only went downhill from there with Serba's attempts at KPMG character assassination.

The market has voted and they don't trust Serba, only Serba can fix it in a positive manner, if left to Bursa or SC, it will not have a positive outcome for Serba (and may be too late for that).

alenac Well Telurgoreng maybe right that KPMG reported to SC on purpose after they have insider Information on conspiracy to fraud and CBT. So audit issues are side issues and KPMG delay are deliberate.

"There is of course a duty for auditors to report any irregularities to the SC, but the act specifically requires professional judgement to be taken beforehand. This is because a report or the SC investigation on its own has the potential to cause adverse speculation in the market that has irreparable consequences."

Serba Dinamik vs KPMG, a "shop lot auditor" case?

Several others have submitted similar posts

An experience I had when working for an IOC was that a contractor came to complain to me about someone in my company "being on the take". This "on the take person" did not report to me but I had many dealings with him.

I contacted the whistle-blower line. The very first thing the investigators did was to investigate me! They then told me that many cases are based on sour grapes where someone who had been in on the act, no longer are.

I am sure KPMG would not base their reputation on hearsay without any investigation - bear in mind the issue would have been addressed at the very top of KPMG's international management who you would expect to have properly determined the facts, not based on hearsay.

Ever call considered that the Q5 report could only be issued once the INEDs resigned? If that is the case it is truly worthless

CKNG8291 LONDON, June 21 (Reuters) - Britain's accounting watchdog called for KPMG's UK arm to be fined more than 15 million pounds ($21 million) on Monday over a 'conflict of interest' when it advised on the sale of bed maker Silentnight.

KPMG, which is one of the world's Big Four auditors and was advising on the sale to U.S. private equity company HIG Capital in 2011, said the fine should be no more than 5 million pounds, and that it no longer has a restructuring business.

An independent tribunal was held on Monday to determine sanctions on KPMG and one of its partners following the tribunal's "adverse findings" of loss of objectivity.

From 2011, maybe KPMG learned from things like this

Consultant U mean air Asia? Haha

Simple, no alleged fraud in Air Asia.

bobvic96 Consultant Lol.. now u guys are calling each other kon master.. anyone can validate the financial report of serbadk ? Involving fraud or not?

Wanna call police tangkap Karim or not? Wanna sue Karim?

Anyway my 6th sense tell me there is political scent inside this case.. why of all lawyer Shafee.. hmmmmm

It is very important that the Serba issue is transparently resolved by the SC, Bursa, etc. for the sake of the Bursa's reputation and to keep foreign funds investing - a few of which have been caught in this, including Credit Suisse.

Why would there be a political scent in pushing Serba down when exactly the opposite has been expected?

alenac If around 10% cash harvest from Net profit of RM112 mill, is it large scale money laundrying operation?

This is the conclusion I am coming to. If the "wonderful performance" of the company is not due to hidden debt where is the money coming from?

Consider that Bezos and Musk worked for many years without any profit before becoming very successful.

In comparison, everything Karim touches is immediately very profitable, even in a very poor O&G market. Amazing.

Also consider this. Karim's company awarded a software contract to a hardware company, saying "they do the same work". That's like F1 drivers and mechanics doing the same thing. I'm sure it will be successful and Karim will then suggest F1 swap the roles of mechanics and drivers. For me he is really taking the p1ss of the Fanboys who appear to be very gullible.

Serba's performance has been too good to be true.

For those who have any credence for the Q5 report:

The bean-counters in Serba developed the 2020AR and must have been happy with it for KPMG to verify (that's the way it works, KPMG to not compile the accounts). KPMG refused to sign, and not for the bullsh1t reasons Serba showed in their 5th May slide show.

Serba's bean-counters compiled the Q5 report which KPMG have probably not even seen and the Fanboys think it is wonderful. You deserve what you are going to get (which is not richer).

AlsvinChangan SD
Net Tangible Asset per Share is over 1 Ringit Real value of share

Allegedly. Who knows the real value?

Tok Kong Board supposed meeting today?

An interesting point, I wonder if they have a quorum to to able make a decision? However, I can't imagine Karim letting a thing like business policies and principles get in his way.

I can only imagine Serba will not be suspended to allow the EFP to shed its remaining shares

sunnyleong Karim open bogel show u everything. No hidden agenda. Let everyone u and me see. Of course we no account knowledge dun understand, but by looking the summary, I think no problem. Please asks any of ur accounting friends to read

Based on an unaudited AR and the QR has no auditor input. After all that has gone off, including INEDs that walked off, you cannot trust anything about the accounts in Serba.

SFC1980 Anyone foresee today annoucnement?

"We are deliberating to appoint auditors (still)"

Fact is it won't so easy to appoint new one. Too silly. Anyone know appointment of auditors should be by Shareholders thru General Meeting?

Surely that also applies to increasing the number of INEDs, change of Chairman, how much to pay them, etc.? Karim is using the company as his own personal toy (as with SCIB).

josephn I trust dato Karim

I admire you eternal optimism in Serba but we all make some mistakes in our lives

Steady Punpipi Auditors should communicate professional scepticism to clients before premature reporting to regulators — Serba Dinamik
Emir Zainul
/
theedgemarkets.com

During my working life, I have been audited on a number of occasions and my experience is that you assist the auditor in doing their job by providing supporting documentation and information if required - the auditors ethos is SHOW ME, NOT TRUST YOU.

I have never had a real problem, but when the auditor is not happy, such as caught a lapse in your records, they will discuss the issue with you (and my experience advise how to address the deficiency) but will also itemise it in their report/presentation to management but sign off with that qualification.

My take on the continuing attempts at character assassination by Serba and its fanboys leads to my view of the history:

2019 AR.
KPMG itemise issues with receivables, stock levels, etc. and advises Serba to address it before the next AR.

2020 AR. Serba vastly increase the receivables, stock levels, etc. which cannot be verified by convincing documentation. This is an ongoing discussion that goes past the 2020AR due date. Karim thought he could bully KPMG into submission but has to ask for an extension to end June 2021. KPMG don't back off, Serba spills the beans to the press and starts its character assassination campaign.

The rest has been well documented since.

Maybe the Fanboys are on a stipend from Karim?

Anyway, Karim has made his bed and now has to lie in it (literally and figuratively).

PhD - Phoney Diploma?

What is limit down today RM0.371?

tollebunsmith 51? sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell

Such a low price - cheap implies relative to its value -it ain't cheap

iHunter Since thinking is a process of asking yourself question, ask the following question:



You can be sure KPMG have discussed this at President level (internationally) and appear to have decided they need to stick to their findings rather than be sued in one or two years time for negligence. Why would KPMG jeopardise their relationship with Serba, which is a cash cow, when the fallout could be predicted. The situation has nothing to do with inexperienced auditors or any maliciousness. Serba, couldn't or was unwilling to provide proper supporting documentation.

Karim has totally messed up his response to this issue. A Director wanted an EGM to get approval to fire KPMG. Bursa, fund managers, etc. said no.

Serba then start a campaign to discredit KPMG pointing out the trivial issues that KPMG have raised and totally ignoring the elephant in the room. This attempt includes the 5th May slide show and the pathetic attempt to discredit KPMG in the PC - I mean what a clown for a Chairman who has previously demonstrated he is not in the same time-space continuum as the rest of us. Obviously Karim brought stooges in to the BoD who he can control but look what he's got. Well done and the market reacted appropriately. Karim has done himself no favours. So they sue KPMG who have to resign, effectively a constructive dismissal. This law case will never come to fruition as it has no real grounds.

So Serba are going against Bursa, etc. - brave or foolish? Now being investigated by SC so it is pretty sure there is something to be found.

In theory, Serba should get a PN17 if no 2020 AR signed off by 30th June - which would now appear impossible (other than a shoplot auditor, but that would have no credibility).

Banks should be recalling their loans because at a debt to equity gearing of 2.0, they must have exceeded that with the current share price. However, we can be pretty sure the cupboard is bare (it may be an idea to sell any shares you have in banks that are exposed).

No doubt Karim will try to influence the share price today as he is being squeezed on all sides. My expectation is he will fail.

As many people have said on this board, Serba is a trading share, not an investment.

iHunter By looking at https://drive.google.com/file/d/1n5-VYPdzBcsFyGDDyZJ0QxYhwQCOURMQ/view , it seems many of us were mislead by KPMG . It appears that nothing wrong with fundamental of this company and all financial still intact. KPMG should be penalised due to their work quality.

Hopefully I get additional fund request approval by 8am this to allow me to acquire more of this stock before they announce their new Auditor and PM announcement about recovery over this weekend.

True, but you have to believe the BoDs version of the accounts rather than KPMG's version which is questioning RM4b!

Serba is allowed a maximum gearing of 2.0 Debt to Equity. At the current share price I am sure that is not being met. The banks should start recalling the loans.

Where did the money go?

izoklse Many big MNC replaced KPMG because they cannot trust KPMG I believe. From the reply from SD to KPMG question also show KPMG not doing their job properly and even after management change the Financial year just to accommodate KPMG delay. I don't know any company can trust KPMG anymore. Company like SD doing business with local MNC such as PETRONAS and International company cannot afford to continue entertain this nonsense behavior of KPMG.

https://drive.google.com/file/d/1n5-VYPdzBcsFyGDDyZJ0QxYhwQCOURMQ/view...

You were obviously impressed by Serba's PC where they went in for character assassination of KPMG but, as the share price has shown, most people were not convinced. These slide that keep being promoted are even worse that the PC and are very one sided.

I hope KPMG can push for Serba's case to be accelerated so we can all know the truth. Of course, that is not going to happen as Serba will back out. They are buying time.

Dcmh Hopefully no one will ended in jail

Why not, as long as it the correct people!

izoklse KPMG finally gone. They know they will kena ini kali.

https://drive.google.com/file/d/1n5-VYPdzBcsFyGDDyZJ0QxYhwQCOURMQ/view...

This is Serba's side of the story from 5th May.

They also gave their side of the story at the PC and look where it got them!

Some companies know how to resolve a situation properly:

http://nexttrade.blogspot.com/2021/06/cmsb-another-irregular-affair.html

CMSB: Another Irregular Affair
Another stock which has been hit with financial irregularity is CMSB. On April 22, CMSB’s Deputy Chairman resigned from the company amid allegations of conflict of interest (here). Shortly thereafter, its CFO was suspended on May 5 (here).

CMSB’s management did the right thing to quickly appoint KPMG to probe the allegations of financial mismanagement in relation to its investments and operations (here). This sent a strong signal to the market that the management is working to resolve the problem, if any.

Two days ago, two of its non-executive directors, Yam Kong Choy and Ho Heng Chuan resigned from the company (here). This development threw a spanner in the works. Why did these 2 non-executive directors resign from the board? Is the financial mismanagement in CMSB bigger than expected? Are there other serious problems in the company?

Meanwhile the share price has continued to decline. It went below the uptrend line, AB at RM1.28. It may revisit the Oct-Nov 2020 low of RM1.06.

iHunter The question is, why you guys selling when the financial audit and company enterprise value still intact?

Because no one knows what the true value of the company is. Those that trust Karim think his version is correct, the rest don't

Dcmh Why everyone listened to auditor and not the management and bod
Did they listened to auditor during ipo

The BoD have shown they have not been doing their job. Why would you listen to them, the consensus of opinion, as shown by the drop in share price since the PC, clearly shows there is no trust in them?

Dcmh Just imagine auditor can wiped off market cap by 4 bil in a month

The market did that. Who informed the market, I believe Serba did that

I've heard KPMG are practicing this song (singing to the tune of Jimmy CLiff's, "I can see clearly now the rain has gone". https://www.youtube.com/watch?v=MrHxhQPOO2c)


We can see clearly now the EDs are gone.
We can see all obstacles in our way.
Gone are the culprits that had us blind.
It's gonna be a bright (bright)
Bright (bright) sunshiny day.
It's gonna be a bright (bright)
Bright (bright) sunshiny day.
Oh, yes we can make it now the BoD is gone.
All of the bad feelings have disappeared.
There are the vacancies we've been praying for.
It's gonna be a bright (bright)
Bright (bright) sunshiny day.
Look all around, there's nothing but cla - ri - ty.
Look straight ahead, there's nothing but cla - ri - ty.
We can see clearly now the EDs are gone.
We can see all obstacles in our way.
There are the vacancies we've been praying for.
It's gonna be a bright (bright)
Bright (bright) sunshiny day.
It's gonna be a bright (bright)
Bright (bright) sunshiny day.
It's going to be a bright (bright)
Bright (bright) sunshiny day.
Bright bright bright bright bright (bright) bright (bright)
Sunshiny day
It's gonna be a bright (bright) bright (bright)
Sunshiny day.
It's gonna be a bright (bright) bright (bright)
Sunshiny day.
It's gonna be a bright (bright) bright (bright)
Sunshiny day.
Bright bright bright bright bright (bright) bright (bright)
Sunshiny day

NatsukoMishima Involuntary resignation of its external auditor is a very negative development for Malaysia investment environment , the news already become headlines in US n europe stock markets , what will foreign funds think about it ? In order protect malaysia image so our goverment n SC will take stern action to SD , It s delisting soon !

A few foreign funds have been burnt, Credit Suisse being one and I think something like BlackRock (Mabel can advise). You can guarantee that unless the issue is resolved transparently, it will limit foreign investment and spoil Malaysia's reputation.

Sneakpeek KPMG stay silent, act according to code of conduct meanwhile SD directors clowning around exposing themselves without KPMG doing anything.

Serba attempted character assassination of KPMG with the PC but, given the quality of his stooges, took carful aim and shot themselves in the foot. It will be interesting to see if they try the same trick on the other foot.

You can understand Karim bring in stooges he can control, just like he did with the original BoD, however, you have to question his judgement on his choices.

Alenac
Now we know which party is a clown?

Folks, is he the same person as Chairman??

1st read this; hhttps://www.freemalaysiatoday.com/category/highlight/2021/04/09/co-op-takes-51-stake-in-trx-tower/

Next read this: https://www.freemalaysiatoday.com/category/nation/2021/04/11/now-kapb-denies-buying-51-stake-in-trx-tower

Careful now!