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!

siduit bobvic96,

all those documents are not completed, auditor need to further investigation working meet the clients (i just mentioned from SD point of view)

RM4b queried and SD don't have the documentation!

siduit bobvic96,

they cannot made an assumption based on thought, they must meet all those clients and suppliers to get the fact

No they asked for supporting documentation and Serba persisted in not making it available. WHY?

siduit obviously they will never bankrupt unless access to the creditor are become a problem, but fundamental of the company are strong, because of this what karim says “small matter” were made them loss billions of market cap overnight

Are strong on paper, produced by Karim's people. KPMG's issues are not minor, it would never have got this far if they were, they could just signed the AR with a qualification on what they thought was wrong.

pharker Since KPMG with them for 7 years, is there a possibility that in the previous audit cycles, there are also irregularities but they failed to detect ?

May be previous audit team not so experienced, this year team baru masuk, more experienced, detected irregularities, then flag

Assuming there is fraud, don't tell me all happen this year only, previous years all clean , then suddenly out of nowhere this year SD decided to do it, doesn't this kind of thing need planning, collusion?

if kpmg failed to detect irregularites in previous cycle, can investors now also sue kpmg ? On the basis that Investors rely on their report to make investment decision.

If you start to dig, you may open up more worms.

There was a mention that similar irregularities on the receivables, etc. were highlighted by KPMG on the 2019 audit and that these needed to be addressed. SD did address them and almost doubled the receivables. I hope KPMG qualified the audit in the cover letter when submitting the signed 2019 AR. That should immediately stop any court case.

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..

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?

Serba's requested extension to the AR being issued is to end June when, if the 2020 AR is not signed off by KPMG, their shares should be suspended with a PN17.

However;

"Bursa Malaysia said a company that had triggered the suspended Practice Note 17 (PN17) or Guidance Note 3 (GN3) criteria between July 1 and Dec 31 this year will be given an 18-month relief period"

https://www.thestar.com.my/business/business-news/2021/06/17/two-additional-relief-measures-for-listed-firms

leno Come back to Sebak Block 7 - related party transaction.

Fact 1 - there is a TRANSACTION between Sebak and block-7 owner.
And it is a BIG transaction.

Question is this transaction a RPT (related party) or not ?

Sebak own 100% shares in SDIL which own 49% of Efire who own 49% of block 7.
In short, Sebak is 49% owner of Block 7.

So, when Sebak plan to build RM 10 billlion building on Sebak block 7 properties, sebak cannot simply claim received RM 10 billion contract and revenue.
Sebak can only claim revenue after building AND selling the building to someone else.

But Kareem insisted this is not a related party transaction.
Kareem reason is he himself did not own any share in block 7.
Therefore this transaction has been recorded as revenue in Sebak account.

KPMG said kareem answer is stupeed.
We are talking about Sebak account, NOT kareem personal account.

In any "normal" company's business principles, Karim being a VP of Efire would bring up a conflict of interest issue. The contract would require the approval of the BoD due to its financial value. Was the contract tendered or awarded to the "preferred" vendor and no price comparison

Share price doesn't appear to be going up. PC failed to boost the price. No feedback from the zoom event.

Forced selling on the horizon?

So the Faithful are happy with the PC and seeing their beloved Karim!

Does anyone know why the ikan bilis were not allowed to see/hear the questions and answers in the PC (which was pretty poorly done with the lighting behind the Board members and watching someone leave to return with a bag - unprofessional). It seems no one on this board were invited or, they are keeping very quiet about it.

I assume the people on the Zoom call would be the major fund managers who would most certainly be asking difficult questions with responses from Karim that may show he cannot walk on water, as the Faithful thought. It could also have been presenting a plan to save the funds' hides by making the inevitable collapse of Serba drag on and the shares can continue to be dumped on the ikan bilis

I'm not a lawyer but I think Serba's case is poor, especially as they have said they were going to employ EY to resolve it. Possibly EY have refused the job! It is just a ruse to make the end come much later.

Remember, some irregularities along the same lines were highlighted in the 2019 AR, but were at a lower level then.

pearlwhite . Maridien2 What if EY also concur with KPMG after their audit? EY Will kena sue or not?

Buying time so the major players can dump

Maybe MACC arrested him?

Mabel Date of Change Type Number of Shares
15-Jun-2021 Disposed 15,061,000

Date of Notice 16-Jun-2021

They are still holding 9.48 %..

The true statement here was "They are still holding 9.48 %" on the 16th.

If it is taking Bursa 7 days to make announcements how many shares did the EPF sell on the 17th, 18, and today?

What about KWAP?

dimmubroker For long period investment, SD still has values and potentials

If KPMG are correct, there may be large holes in the accounts balance, order book, etc. The value of the company as an investment is unknown.

Trader258
Talking of Bursa integrity, I can’t believe no substantial holders have not been buying or selling, yet no announcements!

Also a number of foreign funds are involved with SD so there may be repercussions if this is not resolved transparently

OrlandoOilSemiconIoT U r aware right?

KPMG is d one tat asked for change in year end

That is not something I have seen

OrlandoOilSemiconIoT Wonder

Serba's requested extension is to end June when, if the 2020 AR is not signed off, their shares should be suspended with a PN17.

However;

"Bursa Malaysia said a company that had triggered the suspended Practice Note 17 (PN17) or Guidance Note 3 (GN3) criteria between July 1 and Dec 31 this year will be given an 18-month relief period"

https://www.thestar.com.my/business/business-news/2021/06/17/two-addit...

I find this timing very coincidental.

josephn

An issue with the CEO was that KPMG presented their findings to the INEDs, who did nothing.

However, I think we can be sure KPMG first presented (/discussed) to the EDs who did nothing other than, I suspect, try and bully KPMG into submission - and the reason I believe Serba asked for an extension for the AR till end June.

Even if the EDs were not fraudulent, they were not doing their fiduciary in looking after the stakeholders interests, letting their books get that out of balance that the auditor can't sign off.

The issue was raised in the 2019 audit when KPMG said the receivables, etc. need to be addressed - why Karim said "we did nothing wrong", whereas I think he meant "we did nothing different".

To an extent, the EDs did address it, they increased them by a very large amount.

Not Karim the ED

Joke (I hope)!

OrlandoOilSemiconIoT Do u know who is which party is really d one tat caused tis blow up?

There can be only one answer to that, the Executive Directors, while the INEDs were afraid to state their views and/or had skin in the "game".

greedy44444 Soon touching 1.00. Heavy accumulation at 87-90 cents.

I only saw my shares go down by 0.5 sen today? Where are you looking?

O&G company already reject KPMG?

Petronas got something to hide?

Your reputation is on the line

I'm forgiving, but not totally ;)

Thanks very much for the enlightenment


PenangLang9180 bobvic96

Not exactly, they already set aside a provisional sum for it, it won't hurts their balance sheet greatly as far as I am concern. It's not a huge sum for its size also

PS, no longer any skin in the game by either counter - however totally p1ssed off with the BoD in both.

SincereStock follow the trend, cut loss, follow the trend, cut loss, follow the trend, cut loss, every TA guy keep on insisting this, but in fact many people lose money because of this

It's a wonderful world full of beautiful people but most have left this stock. Other than those that can make a profit on trading - but not investing.

Pity about the people gainfully employed by Serba. Been there done that. I don't hope (I won't) to repeat that.

I've followed rr88 for a couple of weeks now and he (or she) appears to have called it correctly. However, my testicles are fragile and need a titanium shroud which I can no longer afford having been burnt by my "investments" in SCIB and Serba.

PenangLang9180

Thanks very much. But it looks as though it is a threat hanging over Tenaga's bottom line, is that correct?

Q2 will not be before end July

Am I becoming a conspiracy theorist or is this purely coincidental?:

"Bursa Malaysia said a company that had triggered the suspended Practice Note 17 (PN17) or Guidance Note 3 (GN3) criteria between July 1 and Dec 31 this year will be given an 18-month relief period"

https://www.thestar.com.my/business/business-news/2021/06/17/two-additional-relief-measures-for-listed-firms

The Q1FY21 was released 19th May.

greedy44444 1.00 coming soon

Is that prediction based on news to be released, interpreting a chart, reading the chicken's entrails or by the sheer force of your will?

When is "soon"? Dictionary definition is "in or after a short time"? My experience is that "soon" is an indeterminate period of time between now and eternity and, when it is something you really want, usually closer to eternity.

When the USA inflation rises, they raise the interest rate. The price of shares in the USA then drop (maybe because people borrow to buy shares?) which tends to have a knock on effect around the world.

Eddiechai3 @sincerestock. The way Karim replied is already a red flag which is close to a fact. He mentioned that KPMG went straight to independent director instead of going to the management. KPMG is not a Tomdickharry firm to make such an immature move.

I don't believe this. I suspect that after not being able to reach agreement with the CEO, KPMG presented their findings to the Audit Committee (mostly Independent Non-Executive Directors [INEDs]), who did nothing - probably as they are under the control of the Executive Directors (ED).

Bringing in the three new INEDs is a sure admission the existing INEDs did not do their job, neither did the EDs for getting the company into that position.

PS, I have no interest in ARBB other than, as previously stated, it has been so blatantly ramped

jvjason5292 If you were spend time to study.
You will realize that arbb is slowly improving in Fundamental

You guys must get so many thrills watching the share price zooming up or down by 0.05 sen. How do you manage to contain your excitement?

In the meantime, the only news you get is:
Conversion of Irredeemable Convertible Preference Shares to Ordinary Shares

No. of shares issued under this corporate proposal: 305,000

Issue price per share ($$) Malaysian Ringgit (MYR) 0.2000

Par Value($$) (if applicable) Malaysian Ringgit (MYR) 0.000

Units: 608,217,400

Issued Share Capital ($$) Malaysian Ringgit (MYR) 123,949,333.000

So you watch your share value being diminished every few weeks

In the meantime, no words of comfort from the CEO when the receivables will be received.

May the force be with you.

Does anyone know what this is about? Money in or money out?


DEVELOPMENT ON THE NOTICE OF ADDITIONAL ASSESSMENT RECEIVED FROM INLAND REVENUE BOARD OF MALAYSIA

We refer to the issuance of notices of additional assessment (“Notices”) dated 28 November 2019 for the years of assessment 2015 to 2017 by the Inland Revenue Board of Malaysia and our announcements dated 28 November 2019, 2 December 2019, 12 December 2019, 3 April 2020, 20 May 2020, 9 July 2020, 3 September 2020, 6 October 2020, 9 December 2020, 31 December 2020 and 25 January 2021.

Due to the Movement Control Order, the substantive hearing fixed on 15 June 2021 has been vacated. The High Court proceeded to fix the substantive hearing date on 9 September 2021.

This announcement is dated 16 June 2021.

Yogibear126 Below 7.80 lah june till sept .. GG months

Great time to stock up

VTrade https://www.klsescreener.com/v2/news/view/841611/金融危机以来仅见-全球房地产现大泡沫

Wrong board?

longtermvalue many of us here are looking at the good fundamentals of ARB and future growth.

ARBB has been ramped by a number of bloggers so that maybe why people come to look - it is in my case. It generally is not a good sign when a share is ramped.

I have not been tempted to buy in, reminds me too much of Serba Dinamik, lots of money on paper and none in the bank.

tollebunsmith At these value (8.19) means it will go back to 8.00 level before we get the drips.. thats what i predict

Is this according to a chart or your gut feel?

Haibarakun I decide to buy Taliwrk as my first stock. Any nice price for entering? Any advice?

As low as possible. Bear in mind it is not a growth stock but a dividend stock. Although surprisingly, since I bought (April, 21) the share price did go up 7% but now down to 4%.

Work out your options comparing shares in terms of Ringgit invested and dividend cents returned annually. For me, with its current performance, Taliwork is amongst the best dividend stocks.

Also bear in mind, if you plan on continuing to build up Taliwork shares, a growth in share price really brings down the dividend percentage unless that too goes up - only likely with an increase in business or cutting costs (which is not sustainable).

There are also risks to the dividend, (1) if the business income drops, (2) if money is needed to invest in infrastructure, (3) buying new business. However, I believe (1) is the greatest risk, the others may be addressed in differing ways.

"HSBC is now focusing in investing to transform for the future of banking via digital enablement and as part of this transformation, 13 of our bank branches will be closed on Dec 31, 2021," it said.

A much lower cost option than keeping branches open which mostly serves us better. However, there are times you do need to talk to a human face to face and not some automated query response that is little use.

Ic3 @bobvic96 will need to monitor but to close above the strong barrier will be a good start at least.. then it can turn into support instead.. it had been hovering around this price range for the past weeks and if not able to break it will drop further.. just my 2cnt

That's OK

Tenaga, as Petronas states is "bluechip" not one to buy particularly for growth, which is unlikely unless Malaysia turns into a (legal) bitcoin mining territory, but for its dividend, which again is unlikely to change unless the income goes up or down, or major investments required.

The cheaper you can buy the share the better the dividend percentage.

Ic3 hope can close above 10 today la

Why? Are you going to sell?

lapidmalik90. Pastinya Dato Karim termasuk semua ahli lembaga pengarah mempunyai ramuan terbaik bagi menyelesaikan masalah ini demi pihak berkepentingan” katanya lagi.

These are the people who got the company into this mess! They should have foreseen it was coming but thought they could bully KPMG into submission. And yes, KPMG's action in properly applying the rules (not just give a a warning as in the 2019 AR) may have been stimulated by the coming 1MDB lesson.

wallstreetrookie Elected new board members. Very experienced management team now. BUY THE DIP

An alternative view of this apparently positive development, is that it is an admission the existing INEDs (at least) haven't done their job.

limitupmeh Doa orang dizalimi sangat mustajab. Malah kita ada dua pilihan untuk Allah makbulkan doa kita iaitu sama ada si penganiaya mendapat pembalasan dalam bentuk musibah atau kita berdoa agar Allah membantu kita menunjukkan jalan keluar dari masalah dan dugaan yang menimpa. Dan pilihan yang kedua ini adalah yang lebih afdhal.

May God take vengeance on the guilty

Having had my fingers equally toasted by SCIB, I now find their 2020 annual report is unaudited and only refers in comparison to the 2019 audited report.

Where there is smoke there is fire