Balance sheet does not balance is ok

What is not ok is the payables,receivables, fixed assets, inventory and cash at bank are not verifiable . If 50% of Balance values are not verifiable, meaning 50% is fake...

For SD , what is the % of real and the % of fake ? You should know better

Auditing is dynamic and changing in line with dynamic world. SD has been dynamic from local projects to oversea projects and diversification of business from conventional oil and gas to IT venture even aviation and outer space programs etc.

The objective of the audit is very simple ie to ensure all the payables and receivables , fixed assets ,cash at bank etc reflected in the Balance sheets are verifiable beyond reasonable doubts. Where there is doubt in any of these components, the external auditors must raise the red flag.....There is nothing wrong for them to do so in discharge of their professionalism.

Audit approach is not necessarily the same every year. Further approaches may need to be taken to confirm the veracity of the transactions and reinforce audit assurance. There is nothing wrong with that .

Prudent is imprudent

KPMG has been very kind enough to SD in consultation with them to give them a chance, maybe more than once, to rectify the questionable transactions detected during the course of KPNG statutory audit but SD was lackadaisical and indifferent to deal with them.

KPMG could have qualified the audit report straightaway without consultation with SD but they didn't choose to do so.

Who gave away the chance?? Not KPMG or anybody else but SD themselves.....

SD will put the pressure on the New Chairman to address the teething issues.

If New Chairman is not workable , changes will be made again and again like a show of circus where bunch of jokers and clowns walking around and around..........

Maybe they can look for ex-PM to address the issues self-created by SD ......

LadyM and PW can not explain why all these messes have happened but all they can do now is to keep faith in this Company in the gleam of hope that it could fly to the moon again someday............... when ?? no body knows even prophets cant tell.............

The comments in this forum are quite balanced ,Nothing is to be extreme left and nothing is extreme right..........

Special Branch officer was not workable.

They are trying another New Chairman who has political background in the hope of GPS would intervene ??? As said early , someone must pay on behalf of the bogus /fake /dummy receivables to make them all look genuine to be recoverable

PW's post of the Revenue and debtors 2016 to 2021 is misleading .

Why YE 2020 was excluded from the said summary ? How much receivables has been brought forward from previous years? show us the Debtors aging lists to see how long these debts have been owing ?

It doesn't matter which financial institutions are still holding SD shares,all can not be spared and all have gone down to the drain to be flashed out.....its gone case and total loss..

They thought they can make use of the ex-special branch ( chairman)to exert his authority on the regulatory bodies but bite the dust with a sour note in the end

PW was merely talking with empty promises to the desperato. There has been no constructive plan of how SD could be revived given the fact that SD has itself confirmed the cross default of one bond to another.

What signal does it send to? Cry for financial assistance is what the signal is. Could GPS assist Dr.k or a cross deal ? Well,you never know or its a million dollar question?

Cross default is the fact. Now is not to question why it happens ,rather it needs to find the resolution to address to it.

Forget about the accounting issues..what is debited must be credited correspondingly. Close the dummy receivables ,which is the centre of controversy.

What a joke.

Since pbb is part of GPS, why not ask its Governmrnh to bail out SD by paying on behalf of all the dummy receivables.?

The dummy receivables are there awaiting to be exploited. Payments collected from the dummy receivables can be used to settle all the bonds in default. Its a perfect storm and happy ending too...

End of the story!

Bankers usually ask for 1st fixed charge collateral and floating charge on all the assets from A to Z and want to be secured creditors in 1st ranking priority of liquidation.

Hence,Bond and private placements are more preferable and favourable to PLC.

PW has been bashed hard and furious and vanishing out of the blue

No uncertainty

Investing in a high risk stock which no one dares to invest, is an opportunity?

You call the volatility caused by uncertainty is an opportunity?

There is no uncertainty anymore.Cross default is the certainty and thd next certainties are PN17 followed by liquidation process

So you have acknowledged that SD has been infected with deadly disease and hoping for miracle now.

Well ,miracle does happen but the chance is enormously slim..Furthermore, the disease is self-infected one,only SD could save its own soul.....

Actually,SC has been very kind to SD .SC is still giving chance to SD to submit the AR with disclosure of material facts in SIR ,then every thing will be normalised.

Investors can freely trade according to their risk attitude...be it risk averse or risk taker.

Risk taker can continue to average while risk averse can continue to exit in the spirit of free market like you guys say " your money ,your choice, you decide ". You have the choice to go to heaven or hell....its up to you.

Rules are rules...

To be fair to all the investors and all the PLC listed under Bursa, SC ,as regulator, has no choice but to abide by the rules..

Innocent until proven guilty?

SD 's resort to legal recourse is just a desperate move to show that they are " innocent until proven guilty"

But In actual fact,SD's Cross defaults already show that they are guilty. What a show!

They blame the non-payment of bonds on their non-recoverability of receivables but in actual fact, the majority of the receivables are fake. Recovery is almost impossible unless of course Dr.k pays on behalf of receivables.........not in a million years......

Cross default

SD has confirmed to have defaulted one bond after another by itself

SD has acknowledged to have triggered PN17 by itself

Very soon,SD is expected to confirm its inability to submit AR by the end of this year.

Creditors are purportedly reported to have commenced winding up petitions against SD.Hence ,liquidation is imminent.

Hold for what?

Hold until he becomes half of six.
Hold until it becomes grandmother's story.
Hold until it becomes worthless( its already worthless now)

Risk averse vs risk taking

Whether you are an Investor or a Trader,they have one thing in common ,maximisation of returns and minimisation of risks.

In general,most sensible investors and traders are risk averse which means they avoid high-risk stocks or investments and are prepared to forego higher rates of return.

LadyMeow has claimed that she and her gangs are truly "investors" contrary to " traders"

However, given the fact that SD is now perceived as the high risk investment following series of negative events,their persistent denial and defence of SD is clearly demonstration of their risk taking attitudes. They are a bunch of "high risk taking investors " not " investors" .

They may refute with the phrase of "high risk,high return"...well..Good luck to them.

What good news do you expect from SD?.

SD has confirmed to have defaulted the bonds
SD has acknowledged to have triggered PN17

Very soon,SD is expected to confirm its inability to submit AR by the end of this year.

some creditors are purportedly reported to have commenced winding up petitions against SD....

In view of the above events ,what good news do you expect from SD?

Me too...

No need to get out of here cos this is probably the forum where you will get unbiased and objective statements based on the facts and truth of the latest developments of SD.

We will leave no stones unturned.

JK is a greenhorn. Let's spare him..

Liquidation

The liquidators will do their own due diligence to see how much assets can be recovered/ realised to meet the liabilities.

Fake payables are cancelled out by fake receivables. what is left is the genuine liabilities such as secured debentures ,loan and bonds. These secured creditors stand to recover portion of their debts if not all from the sale proceeds of the physical assets except the dummy inventory,

However ,equity shareholders are expected to be the ultimate losers who could end up with nothing in the end .... sad ending....

NOT WRITING FOR FUN

* Justice must be sought and done.
* No stone can be left unturned
* The culprits/perpetrators must be brought to trial in the spirit of accountability as stewards of the PLC
* The practice of Corporate Governance must be upheld in PLC
* The MMLR must be upheld to be complied with by PLC
* The culprits/perpetrators upon conviction must be punished in accordance to the laws
* The reputation of SC as regulator must not be tarnished.

which company has filed the winding up petition against SCSB ?

it is already happening .... PN17 is imminent ............. what else do you expect to happen ?

Next phase is to confirm their inability to submit AR , whatelse?

LadyMeow

LadyMeow is a regular here ....

she has been the devout follower of Dr.K of SD since crisis and would probably sacrifice her life for Dr.K as sacrifice of the lamb . Her famous chant is meow meow here and meow meow there...............

She claims to be a mixed German but i am not sure about that. I bet she loves German sausages more than Malaysian Goreng pisang ( fried banana) .............

No offence , LadyMeow............

who? LadyMeow?

PN17

SD has confirmed default
SD has acknowledged to trigger PN17

What else do you expect to know from SD ? Confirmation on the ill-practice of irregularities ??

The above are more than sufficient to be seen as harbingers of the doomsday of SD to fall.........................

The evenful default of bond speaks louder than your milion words of defence and/or denial of SD.

Your persistent denial of the facts is demonstration of your irrational mentality and judgement. You are not fit to be an investor be it long term or otherwise.

That fellow cannot accept the blow of being hoodwinked by SD and gets stuck in the deep shit without hope

He is now vending his anger and frustration to every one here telling the truth and facts .He has become so delusional that he can't even comprehend the context of default of bond..

What a pathetic fella!

I have changed her name to " bosscant" pronounced as " bosscunt".she is a clever cat as ever.

By the way, My cat is as clever as my dog, it has a fancy name too .I used to call her "LadyMeow".
She didn't like that,so I am calling her "JerryMeow " now

That implies the baby is fake from the outset.

SD never intended to let the baby out.....

Exactly ,you are talking now....

I call my dog " bosskuku".it's a fancy name,isn't it?

Baby was overdue to be delivered but SD gave lame excuse that baby was stuck inside and asked for more time extension.

SC must protect the baby to be delivered safe and sound when due......

Its so simple that even my dog can understand better than you do.....

Stop making fool of yourself

Forget about SIR which is under the legal juridiction now.

SlR is the thing of the past. Let's focus on the submission of AR which is overdue for submission. This is the minimum requirement of SC and yet it has failed to comply with.

Time is the best judgement.lets wait till then

The default of bond speaks louder than your milion words of defence and/or denial of SD.

Your persistent denial of the facts is demonstration of your irrational mentality and judgement. You are not fit to be an investor be it long term or otherwise.

Full of dark clouds

Diehard supporters believe that SD share price would be restored to RM 2.00 or more in the " foreseeable " future.

But how foreseeable is foreseeable? 1 year or 3 years or 5 yesrs or it may never come.

They believe but they can't foresee when.....

No thank u vs yes please

KPMG says "no thank u" .

EY cons says " no thank u."

What makes you think that Nexis will say " yes please"? Just because they are of different breeds than KPMG and EY cons?

Before Nexis says " yes please", they 'd better increase their P&I insurance to the maximum to face the possibility of being sued by investing parties.

To alleviate Nexis,I have a feeling that SD has entered a separate deal to indemnity Nexis for any repercussions

Good luck to Nexus...

LadyM is a regular here .... she has been the devout follower of Dr.K of SD since crisis and would probably sacrifice her life for him as sacrifice of the lamb . Her famous cry is meow meow here and meow meow there...............

She claims to be a mixed German but i am not sure about that. I bet she loves German sausages more than Malaysian Goreng pisang ( fired banana) .............

No offence , LadyM............

LadyM likes to sing the song with " I will follow him" and " do the hustle" ...........

nevermind, you continue to sleep like a baby ................. so carefree....