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Now this is really not proper procedure by SD. It is very misleading. As least come clean like AA.

Notice of closed period is 30 days before release of QR.

Did they really make a big assumption that the QR 1 month delay based on Bursa's letter in June 2021 also applies to the closed period too?

Last day 28th September 2021 for QR release?



28 Jul 2021

SERBA DINAMIK HOLDINGS BERHAD DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : INTENTION TO DEAL DURING CLOSED PERIOD

08 Sep 2021

SERBA DINAMIK HOLDINGS BERHAD DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : DEALINGS DURING CLOSED PERIOD

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SD Johan must be mental. All PR and IR experts would advise if there is ongoing investigation, its better to keep mouth shut or no comment umtil results are known.

But he went on air and catalogued in YT to tell everyone that SD got issue found from SIR.

Surprisingly, En. Karim havent send him to jail.
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Yes throw to bilis today.

InterFund 50 million shares throw to retailers @pearlwhite .........?

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50 million shares all done ady! No more.

Lets monitor tomorrow's reports for off market transactions.
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InterFund is a very seasoned stock market investor leh. Can see the charts in his mind wan.

Eat salt more than we eat rice!

Years of experience, tell him SD is a gem lo....

We just observe and see master in action make $.
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From EmperorFund
Stock: [SERBADK]: SERBA DINAMIK HOLDINGS BHD

Sep 3, 2021 12:00 PM | Report Abuse
My sources told me some compromise have been achieved. How come still fall?

Sep 1, 2021 3:10 PM | Report Abuse
My sources told me so compromise had been achieved..Dunno how true...Hopefully true !

Aug 23, 2021 2:03 PM | Report Abuse
I have a hunch...KPMG may back down soon.

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Just a historical reference for off market transactions.

3/9/2021 - 50 million shares traded off market
10/9/2021 - 50 million shares traded off market

approximately 2.3% of total shareholdings.

400 million shares to go.
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Ok, now buy queues ready absorb 20 million shares @ 37 sen.

Lets do it.
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Section 176 of CMSA - Stock Market Manipulation

Stock market manipulation is the act of transacting in the securities of a company that will have or is likely to have the effect of raising or lowering or maintaining the price of the company's securities on a stock market, with the intention of inducing other persons to purchase or subscribe for the company's securities. Such acts are illegal under the CMSA.

Note: Essentially, the law provides that a person shall not effect, take part in, be concerned in or carry out, either directly or indirectly, any number of transactions in securities of a corporation, being transactions that have, or are likely to have, the effect of raising, lowering or fixing the price of securities of the corporation on a stock market in Malaysia, for the purpose or purposes which may include the purpose of inducing other persons, to purchase or dispose of the securities of the corporation or of a related corporation.

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Emel : aduan@seccom.com.my

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next dump coming....

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Before closing, 1 more dump coming, approx 15 million shares.
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If you guys wanna find out if the trading day got any sizeable push down, please check your daily bursa pdf news of your broker. Pls search for off market transactions.

If you see SD, please expect there will be a push down next trading day.
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Not yet over. Off market transaction on 10/9/2021 50 million SD shares.

It may not be margin call from SD Executive Directors.

@Interfund Sudah tamat...................

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There have been many press conferences/interviews from SD. Can search from internet.

How many here watch the press conferences/interviews can read body language and tell if those fellas are telling lies or not?

risingstar21 You want to find bad facts only.

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Correct loh.

"if something is proven wrong, sebak will try to correct the wrong,.."

That why he confident now mah. Prove SD wrong with his good acting skills.

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Johan now free and about giving interviews here and there about the SIR.

Talk like champion and full of confidence.

Like he already know the outcome.

But ah, in many minds, must be negative wan. He now puts on a show before the great SD fall. It must be that. No other explanation.

Shine a light at a rabbit, it stays fixated and gets thrown to the kerb by the car. Malaysian style.
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Internally out, but externally no.

Must be specific. 3 weeks already.

InterFund Tired of this conspiracy theory nonsense........................ SIR should be out soon................. no matter what..........................
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EY's SIR exonerated SD with simple auditing tools. Wouldn't you believe that?

A few pieces of paper debunked all the tonnes of narrative from KPMG and more importantly, the tonnes of narrative in klsei3.

Sad but true.
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When the going gets tough, the tough gets going?

And the sweaty dark forces know that time is up.

SIR is already out.

Slowly pushing the share price down in hope of margin calls? Testing each price level with each day?

Black superman is ready this time.
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I can now say, SIR report will exonerate SD from the issues highlighted by KPMG.

Now, I want to see what Bursa/SC will do? Waiting for 3 weeks already.

https://nuclearmanbursa.blogspot.com/2021/09/the-story-of-serba-dinamik-is-being_12.html

Quotes from link above.

And WHY would I say such a thing? Well the DEVIL is always in the DETAIL. Focus Malaysia has the details, but FAILED to spot the DEVIL.

So do tell me If Serba Dinamik is such a shit of a Stock (AND DONT CONFUSE THE MARGIN CALL WITH THE AUDIT ISSUE)

WHAT IS EPF AND KWAP STILL DOING IN SERBA DINAMIK, WHEN EPF MADE A HOLLYWOOD MOVIE LIKE STANCE ON EXITING SERBA DINAMIK?

WHY is OUR EPF money still there after EPF's big show on exiting? Is it because the audit issues are minuet and there is NOTHING fundamentally wrong with the COMPANY ?

Instead, there are hidden hands bent on pushing down Serba Dinamik shares to force Mohd Abdul Karim Abdullah hand into submission?

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You sure you want same management of Brooke Dockyard to run SD?

Karim will surely setup new co and his loyal team and tarik all biz away from SD.

SD will karam that time (just like Armada, no new contract since 2014).

InterFund Karim force sell I take........ we need new CEO.........
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@Interfund They are smooth operator.

https://nuclearmanbursa.blogspot.com/2021/09/the-story-of-serba-dinamik-is-being_12.html

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CEO Karim's mouthpiece seems to remind me of this.

America has been fighting the Taliban for 20 years in Afgan. Got no where, lost American lives and spent lots of $$.

With this pullout, does it mean that when the Taliban forms its Government, ie. to say all those that were in hiding are now comfortably in public and more surveillance be done to identify their critical commanders, that one day, America could conduct a "operation clorox" aka Bin Laden style on all of the Taliban at one go?

Hmmm, bold move. The anti thesis of "win the battle, but not the war".

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Can the BOD of SD snap their fingers right now and do it? If so, it means that they have done their homework/paperwork and have the financial backers on standby.


Will Serba’s major shareholders ever consider taking company private?
https://focusmalaysia.my/will-serbas-major-shareholders-ever-consider-taking-company-private/

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Dear SD investors,

Do you think SD is more valuable than Armada?

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Huangbk72,

It stops here. Move on with your life and take a break to cool down your emotions.
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As for Huangbk72, this is what I would say to you as a person.

If you are the management of a company and there is a crisis, you will sink the company. You are a panicky individual.

You have shown nothing but negativity (yes I understand your situation) and didn't take the rational approach to engage in ways either to identify the causes and attempt to explain how it happened. In fact, you did not do any investigative work at all. Its all jump in the bandwagon and protest.

You make assumptions based on emotions of the consequence that befell on you, as a person. Not as an investor.

In real life, you are not a leader nor able to withstand the vigours of running mega corporations, projects, etc etc.

Take this as a piece of advice.

And if you think that some disagreements here and there means lacks weightt and bites the dust, then you haven't been there yet.

Thanks.

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"This is as far as it goes" per previous reply.

TQ

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The SIR is a serious issue. Very serious indeed.

Perhaps one can try, due to this circumstance, request to view the SD's records (Board of Directors' Minutes for example) to gain more access to information pertaining to contracts, awards, procurement awards, etc. etc.

Typically, approval of contracts would be tabled in directors meeting, and the full contract details, project appraisal, project setup, etc., would be as an appendix.

Catch : Have to be a shareholder, 100 unit should be enough.

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Stop implying. These were 1 one the reasons why your analyses were dismissed as being not up to "auditing standards". Its a static. I do understand that at your position, your access and efforts to obtain further details may be curtailed somewhat, hence I would say "this is as far as it goes".

You can imply this quote of mine however you wish, but I believe that there was a infamous quote somewhere from some Malaysian i.e.

"He looks like me, He sounds like me, but I don't think its me".

Thanks.

PSAi3alert pearlwhite,

So, it's now a 'few remittance advice' to cover receivables from projects that do not exist?

You do realize the implications of your allegations on disconnected money flow, don't you?!

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I didn't suggest anything nor specify the project details.

All I wrote were "'few remittance advice", which you correctly quoted.


pearlwhite,

Your post balance sheet event suggestion may work after a reporting period but before the financial statements for that period have been issued.

Let's talk about a specific project - the 45 metric tonne per day Chlorine Skid Mounted Chlor-Alkali Plant in Tanzania

--- Funds Used in the Tanzania Project ---

Serba's 31 Dec 2019 Financial Results showed that RM111.113M was used in the Tanzania project
Utilisation of Proceeds from Private Placement on 30 January 2018

Details of utilisation of proceeds: Working capital for the EPCC work in Tanzania
Actual Utilisation: RM 111.113M


--- Income recognized from the Project ---

The total income recognized from the Tanzania project is RM194.813M and comprises:

FYE 2018: RM29.82
FYE 2019: RM104.02
15 months ended 31-03-2021: RM60.973M

1) As at 10th Sep 2021, Google Map's satellite image of the site (Msufini Area, Mlandizi Ward, Kibaha District, Tanzania) is still showing that it is still a piece of empty land. Nothing has been developed and there is no equipment at the site.

2) Junaco (T) Limited and the directors, Justin Lambert and Vedastina Lambert remain insolvent and does not have any assets to satisfy judgment debts owning to numerous claimants in Tanzania.

3) In July 2019, the African Development Bank issued a request for expression of interest for Consulting Firms to be the Lenders’ Technical Advisor (Consulting Firm) for the construction and operation of Chlorine Chlor-Alkali plant in Tanzania. The services to be provided under the Assignment included: "Development of 45 Mtpd (over 16, 200Mtpy) Chlorine Chlor-Alkali plant in Msufini area, Kibaha district coast region of Tanzania." This request invariably suggest that there is no existing Chlorine Chlor-Alkali plant in Msufini area, Kibaha district coast region of Tanzania as at July 2019.

4) the JV company that owns the plant in Tanzania is Sufini Holding Ltd (CBLS No 11545098 BL local no 000001141). Sufini's business license has expired as at 19th Feb 2021.


Are you now alleging that:

--->>> RM111.113M was actually transferred to Sufini Holding Ltd as working capital for the EPCC project in Tanzania

--->>> The receivables totaling RM194.813M as at 31st March 2021 for the Tanzania have ​been paid by a few remittance advice from unknown entities; for products/services from a non-existent plant; to Sufini with expired business license?

--->>> And you personally seen evidence of the 'few remittance advice' to settle the receivables for the Tanzanian project

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pearlwhite .

Thanks. Appreciated the previous analyses and work done by you too. But I do not consider them up to the threshold of "auditing standards". But to each their own. You may be from another industry. I understand that.

Your work was very good, but all was dismissed by a few remittance advice (as far as customers/vendors were concerned).

If you have further details you wish to share or additional work done, feel free to share them. I would be more than glad to have a look and revert with ways to move it forward.



PSAi3alert So, your analysis and information is based on your 'EXPERIENCE dealing with SIR with Bursa/SC/Bukit Aman' on some other company. And that EXPERIENCE is unrelated to Serba.

Well, that's not insider information. It's your hallucinated information.

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When think that you need to have an audited account to conduct privatisation, takeovers or what not shows the lack of experience or none thereof dealing with these issues.

There is something called due diligence (financial and non financial).
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IIRC, there was an article where it said that in one of the SD's disputed customers, was a Petronas subsidiary company which co-incidentally had KPMG as the auditor.

In that article, the author was dumbfounded that as SD's customer, i.e. that Petronas subsidiary with KPMG as auditor, cannot confirm the amounts of monies owed to SD.

Surely, internally, the KPMG auditor for SD can ask the KPMG auditor for that particular Petronas subsidiary to tally the numbers.

Oh well, macam macam ada (aka Astro).
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Under how many proxies?

InterFund Dark hands already 43%........
10/09/2021 10:17 AM

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Unfortunately, I do not agree and what you are saying if out of the norm of industry practice, strictly on SIR.

Thanks for the insights you have given, if you have any other revelations to share, please give a shout out here, and I will be glad to have a look.


Huangbk72 No point I repeat myself what is the job scope of SIR for SD. Its clearly defined in bursa/media announcement,

You are overlapping SIR work with Audit work. In EY case, all questions are laid out for them to confirm. They dont have to go beyond that. Comprende??

Why do I have to hint why EY will confirm KPMG findings. No need to hint, i know and its my personal opinion.

You are different., you claimed to have access to SIR report. That is a dangerous remark made maliciously.

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Right now,

The 3 ED hold approximately 41% of SD shares between them.
The Mutual Fund/Institutional investors hold 25%.

The dark hands wanna hostile takeover. Current info. is that they hold 13% in various proxies.

Retail hold the balance 21%.


InterFund Dark hands are buying..........
10/09/2021 9:33 AM

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As for Huangbk72, I symphatise with your situation with SD. However, to continuously say that

"EY will confirm KPMG's findings"

means that you want them to confirm issues as at 31/3/2021. It seems that you are stuck at that time.

In accounting, there is this thing called "post balance sheet events" where the time of consideration can be many months longer than 3 months. In the case of this SIR, today is 10/9/2021 and the report is not out. If you assume 31/3/2021 till now, it is more than 6 months.

A lot of things can happen in 6 months and not to forget, KPMG stopped work on 4/5/2021, 2 weeks after the draft accounts were given to them.

Eg.

"What will happen when customers/vendors give their confirmation of balances" in June 2021?

SIR Auditors know what to look for and what to ask for to satisfy the claims.

Hint : SIR has been going on for 2 months now, and it would be a completed very quickly if it were to merely focus on 31/3/2021. Clearly it is not, because they are focusing on post balance sheet events, hence the time taken.

So far, I have not seen you make any hint/suggestions as to how EY will prove KPMG right or wrong otherwise. That is very telling.

If you were the Mgt Team of SD, would you be sitting there all day focusing on 31/3/2021 or look forward for BAU?

That is my question to you.
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Thanks. Appreciated the previous analyses and work done by you too. But I do not consider them up to the threshold of "auditing standards". But to each their own. You may be from another industry. I understand that.

Your work was very good, but all was dismissed by a few remittance advice (as far as customers/vendors were concerned).

If you have further details you wish to share or additional work done, feel free to share them. I would be more than glad to have a look and revert with ways to move it forward.



PSAi3alert So, your analysis and information is based on your 'EXPERIENCE dealing with SIR with Bursa/SC/Bukit Aman' on some other company. And that EXPERIENCE is unrelated to Serba.

Well, that's not insider information. It's your hallucinated information.

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Good job!!

InterFund @pearlwhite no time limit............................

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Yes correct, based on the experience dealing with SIR with Bursa/SC/Bukit Aman, all noted in the word document and/or excel and the printed to paper.

Obviously, it will be on my hand if I am holding it.

>>> This information is now what I have at hand. <<<

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@Interfund

How long can you wait to hold before you divest? Is it time based or is it when you hit your TP (that may take a month tho.)?

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Answer 1
While citing sources (if they are considered an authority) may be legitimate, but would not be sufficient to conclude. That is the bar of "sufficient, appropriate and complete evidence".

Example 1
As there were no further testing (aka verification on the verosity claim) done on say google images, you concluded that say the site is a jungle. Benefit of doubt, what other testing did you do to support further google images? e.g. Confirmation with the Government Ministry of that country where the project resides?

Example 2
SSM/Annual Reports/Court Judgements were past event, what post balance events test was done to further corroborate the findings? These were documents of the past (as at a date). What were the other documents you have obtained? Were they from some Ministry or better confirmation from SD's customers?

This is the substance over form standard. You have the form (legitimate authority, if appropriate) but not the substance (the complete tests of claims) to reasonably let you arrive at a conclusion.

On your a), b) and c):
The information is gathered from publicly available information such as Google maps, grounds of judgment from Courts, licensing authorities, company searches with the SSM equivalent, etc. All sources have been cited.


Answer 2

When did I say I have insider information? Yes, I did say I have information/proof based on my experience dealing SIR with Bursa/SC/Bukit Aman. That is all I said. I didn't say I got it or heard it from so and so.

How can I be giving insider information?

And like you said, that will be determined by public procecutor.

On your d):
Johan did not say wrongdoings have not been found. More importantly, actions for wrongdoings are by the public prosecutor.

On the other hand, you have stated that you have complete evidence to proof that SD is cleared of any wrongdoings. And the information that is in your hand now is non-public insider information.

So, pearlwhite, are you publishing insider information?.

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a) Does it mean taking images from google maps to say the office/project/ site is "unverifiable and uncrediable or dubious" is not fake news?

b) Does it mean taking publicly available information from Annual reports and conducting your own research and presenting them as "unverifiable and uncrediable or dubious" is not fake news?

c) Do a) and b) methodology mean that "obtaining sufficient, appropriate and complete evidence" has been conducted?

d) Does it mean that when "Johan come on record to say INED will take action if any wrongdoings are found" before SIR is announced is disclosing inside information?

3 examples above are criminal offences

pearlwhite,

You are either spreading fake news or disclosing inside information prior to release to Bursa.

Both are criminal offences.

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Thanks for highlighting this. This is a great example for which I can use.

Yes, I did fault SD at that time and now, since that date and with the SIR finalised more than 2 weeks ago, that has now changed, with new information at hand.

And now I fault KPMG. Where did I fault KPMG? Apart from the process, I also fault on their "obtaining sufficient audit evidence"

I shall use 1 generic example that you have previously highlighted. No names.

Generic example.

a) SD signs contract with customer A valued at RMXX amount.
b) Customer A has no website, or website created just before issuing Annual Report and webhost located in Malaysia.
c) Customer has no address or address of where they are at are unidentifiable. If identifiable, the location is in a jungle, in barren land.
d) Customer project site has no address or address of where they are at are unidentifiable. If identifiable, the location is in a jungle, in barren land.
e) Customers' contract has been running for more than 1 year, there were no collections. LIkely, 100% as trade receivables.
f) Setup of these customers seems like owned by SD.
g) Assets/Equipment pertaining to these project/customers, cannot be located.
h) Cannot contact the customer, visit to address indicated customer premise, worksite etc, i.e. it is not there.

Findings (Sufficient, appropriate and complete evidence have been obtained).

a) Receipts of payments from customers and agreed with BNM receipt disclosure
b) Office/Project/Site location, with project progress and pictures. Visitation was done. Customer contact was done.
c) Confirmation of balances by Customers
d) Sighting of assets/equipment where applicable

This information is now what I have at hand.

PSAi3alert
Your posting on 19th July 2021 4:28 PM has already provided answer to your 'Tell us where SD went wrong' question.

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People don't realise when Karim shares is "forced sell", you wouldn't be looking at 30 sens, 20 sens. You are looking at below 10 sens since 1 billion shares will be offloaded and you have 100% market floated shares.

All those pointing out that 30 sens is coming did not do their homework properly and analyse the situation factually.

Many are making baseless emotional posts. If SD did wrong, I will post facts and how they did it wrong. If they did right, I will post facts and commend them.

Yes, you might have noticed that I have been commending them because they did alot of rights and KPMG did a lot of wrong, apart from the dark forces.

Yes, everyone entitled to opinions, but If you cannot have facts (even if you misinterpreted wrongly) put up here, better not post.

I am more willing to listen or read in this case, as to how SD did wrong and up to today, SD keep making more wrongs.

Still harping on issues on 31/3/2021. Don't tell me until today, issues in 31/3/2021 still stands?

If you have experience dealing with SIR/Audit in general, please share them out here. Tell us where SD went wrong.
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KPMG supposed to audit results for ending 31/3/2021. In practice, usually takes 2-3 weeks to close and prepare the financials, including consolidation.

KPMG come in to audit on 3rd week of April and by 1st week of May, stop work due to the issues. That about 2 weeks of audit!

Realistically, 2 weeks is not enough to audit a company the size of SD.

Yeap, Stop work after 2 weeks. Don't think that is sufficient time to decide to stop work and obtain sufficient audit evidence.

Bursa/SC has to decide what to do with KPMG and that is why more than 2 weeks already the SIR not announced.

What is Bursa/SC doing? Trying to find how to weasel out of this issue? Trying to decide how to deal with KPMG? How to say sorry to SD?

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Funny, Bursa ask SD to disclose this

"On behalf of the Board of Directors (“Board”), we wish to announce the following additional information in relation to the aforesaid matter as requested by Bursa Malaysia Securities Berhad (“Bursa Securities”), as follows:

Frequency of the progress update to the Independent Non-Executive Director"

The word used "as requested by Bursa Malaysia Securities Berhad (“Bursa Securities”)"

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3190563

What this means, SIR is already out MORE THAN 2 WEEKS already and Bursa/SC has it.

And Johan "New INED" went on air to say that stern action will be taken against SD, IF ANY! So far, no action taken. No disclosure in Bursa Announcement.

The entire BOD of SD is still out and about, walking in streets. Where are the arrests? Where is the suspension of SD?

Don't tell us that its coming ya, a strong case of fraud and lies must be dealt with immediately.

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Thats why I say the SIR is not a report of the KPMG issue @ 31/3/2021.

It cannot be a report that confirm the issues upto 31/3/2021. It has to be more than that.

It will be up to the date of approval from SC/Bursa, be it 9/9/2021 or thereafter. Its fluid.

Bear in mind, KPMG stop work on 4th May 2021? Many things can happen from then.

If KPMG is found not having done sufficient audit evidence (yeap, they stop work on 4/5/2021 ya), KPMG will be banned from conducting audits for all Public Interest Entities (PIEs). That is the SC Listing rule.

KPMG is gone from M'sia.

BY the way, it would be also foolish for SD to wait for completed SIR to redo their financials (if they have been found to be wrong lah). The QR at 30/6/2021 will be the one that incorporates results of the SIR. Annual report 2020 (incorporates SIR findings, if any lah!!) and deadline to issue is end October 2021.

QR will be issued very soon.
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Of course with in this senario, KPMG is screwed because they didn't obtain sufficient audit evidence.
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Here is 3 facts that EY have to deal with (and eventually Bursa/SC)

Fact 1 (and applies to all disputed customers actually)

KPMG said this customer owe alot of money, maybe hundreds of millions. The revenue in since 2019 amounting to billions of ringgit. Seems like never get paid.

Then miraculously, post 31/3/2021, this "disputed" customer not only paid in full (or nearly full and within credit terms) the amount owing, but also confirm the balances outstanding at 31/3/2021.

Furthermore, these customers were able to suddenly provide "work site / project site" details that were previously shown in google maps as barren and/or empty land.

Bank transfers for these payments verified against the receiving bank as from the "disputed" sender.

Fact 2 (vendors)

KPMG said these vendors provide services cannot be located and pricing is dubious. But eventually, during SIR, they are shown the equipment and managed to contact the vendors. Vendors also confirm the outstanding balances at 31/3/2021. And SD procurement dept. were able to show quotations from other vendors of the same items before approving to appoint so-called "disputed" vendors.

Bank transfers for these payments verified against the vendor bank as to the "disputed" vendor. Even this documentation is tallied with BNM forex transfer disclousure.


Fact 3 (assets)

Suddenly, assets can be verified physically and then even confirmed by the "companies" that warehoused them previously with documentation.

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