.
Oh! How forgetful I was. Here is the particular article that SC/Bursa is charging SD with.

How sneaky.

https://klse.i3investor.com/blogs/Pearlwhite/2021-12-07-story-h1595475008-Serba_Dinamik_is_ever_so_helpful_but_the_rest_refuses_to_leave_Malaysia.jsp

Pushing the blame to SD.
.

.
As for your incessant questions, please refer to my comments previously on this.

And since the dynamics have changed, would you issue AR 2020 if SC charges you for providing false 2020 financial statements?

SHQuah Pearl White.....can SD submit AR this week ?

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I just read treetopview's (https://klse.i3investor.com/servlets/cube/post/treetopview.jsp) comments in the article

https://klse.i3investor.com/blogs/Pearlwhite/2021-12-22-story-h1595744922-Serba_Dinamik_s_fruits_of_labour_to_the_truth_is_getting_closer.jsp

I don't expect everyone have the experience and critical thinking like him to spot the weirdness with SD, Bursa, SC and KPMG/EY case.

But at least, we are willing and are open to criticism when we spot something wrong and attempt to factually provide the correct facts and show the media power play.
.

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Also, SC charges is on 2020. Not anything prior.

Those who claim revenues before that are "fake", better strengthen their case with proper and complete checking as recommended previously.

Don't see it as a chore, just to it for the investor community if you are confident of your claims.
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Unfortunately for some who did work hard (and I do appreciate it) to get evidence of FAFT, after cross examining it for further verification, they did not seem to want to proceed with cross-checking it with the Directors' Meeting Register.

Also, it is part of the auditing standards (which is why I asked for further verification) to verify FAFT.

Also, which I also advised kindly to read the ICAEW of audit and assurance book.

I initiated opportunities to them to strengthen their claims. But it all fell on deaf ears.

I cannot help you all now, since now it is already academic as far as I am concerned.
.

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Tomorrow, new article to show how RM1.4 billion exonerates SD from Bursa/SC charges + resolve SIR.

But I have written this before, and you all know the process and what will be said.

Stay tuned!
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Bursa/SC will have a task to prove what numbers they are charging them with. No details, as expected for mis-information tactic.

I believe its the RM1.4 billion of un-resolved issues in the SIR that is deemed as submitting false financial statements to Bursa.

Another delay tactic and hindrance to prevent SD to disclose the AR 2020.

I do hope the BOD of SD have signed all the relevant audited accounts and Annual Reports and have had the Directors' meeting to approve the AR 2020.

Otherwise, this is an attempt to prevent SD to dislcose AR.

AND to put in to bad light the AR 2020 if its disclosed.

Game of perception and court of public opinion.
.

.
This SC action was expected and took too long to enforce. The timing is suspect

However, as Pearlwhite have stated, Pearlwhite will say its right or wrong with truth.

Refwr below old.post.

Stock: [SERBADK]: SERBA DINAMIK HOLDINGS BHD
Oct 22, 2021 5:17 PM
Because of https://focusmalaysia.my/karim-my-entire-disposal-of-serbas-warrants-i..., CEO Karim got SD suspended on para 3.2 and 3.3.

Based on this, pursuant to paragraph 16.02(1)(c) of the Main Market Listing Requirements, in the interest of maintaining an orderly and fair market in the trading of its securities, SD is suspended.

[Section 188 of the CMSA]

3. INSIDER TRADING

3.1 Meaning of Insider

A director is considered an ‘insider’ pursuant to Section 188(1) of the CMSA, if he/she –

(a) is in possession of price-sensitive information which is not generally available; and
(b) knows or ought reasonably to know that the information is not generally available.

3.2 Prohibition from Trading

All directors should take note of the prohibition on insider trading set out in the Part V Subdivision 2 of the CMSA with regards to dealing in securities whilst in possession of price-sensitive information.

Pursuant to Section 188(2) of the CMSA, directors are prohibited from trading either by themselves or through an agent while in possession of unpublished price-sensitive information. The prohibition is as follows:-

An insider shall not, whether as principal or agent, in respect of any securities relating to unpublished price-sensitive information –

(a) acquire or dispose of, or enter into an agreement for or with a view to acquisition or disposal of such securities; or
(b) procure, directly or indirectly, an acquisition or disposal of, or the entering into an agreement for or with a view to the acquisition or disposal of such securities.

3.3 Prohibited to Communicate

Pursuant to Section 188(3) of the CMSA, the insider is prohibited to directly or indirectly communicate, or cause such price-sensitive information to be communicated, to another person, if the insider knows, or ought reasonably to know, that the other person would or would tend to –

(a) acquire, dispose of, or enter into an agreement with a view to acquisition or disposal of, any securities which is unpublished price-sensitive information; or
(b) procure a third person to acquire, dispose of or enter into an agreement with a view to the acquisition or disposal of, any securities which is unpublished price-sensitive information.
.

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Dear all,

Here is the latest write up.

I wish to convey my heartfelt thanks to those who made this article possible including to those here who enabled me to prove Serba Dinamik's innocence in the SIR Fiasco created by KPMG, TheEdge and Bursa Malaysia.

Enjoy the read!

The devastation Serba Dinamik suffered due to the abuse of Qualified Privilege that fuelled negative publicity with unsubstantiated allegations - Full
https://klse.i3investor.com/blogs/Pearlwhite/2021-12-27-story-h1596433035-The_devastation_Serba_Dinamik_suffered_due_to_the_abuse_of_Qualified_Pr.jsp

p.s. Please circulate to the Telegram/Whatsapp group and forums. Thanks.
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I forgot to answer this in my DM once again. Thanks to those who ask to join the SD v chat and Whatsapp groups for the up-th time.

While I appreciate the good gesture, I would humbly decline the offer.

I feel that I will be more effective in klsei3. With the use of its blog function, I can get the message out more. The articles would also appear when you do a google search.

Yes, the views on the articles were high, considering I just started the blog not long ago with a few articles and considering Serba Dinamik is more like a side dish in the world of investing.

I would however, advise that in your chat groups, that you do not ban individuals that you do not agree with (like some have posted here that they were kicked out). I believe that they should have a chance to state and explain their stand on Serba Dinamik with facts and concerns that they have.

Listening and taking into stock from a different perspective would yield greater insights into how to solve the problem. When you stop listening or do not get the validation that you want, you make yourself unable to look at different perspectives and find out the truth.

I hope that you take this into consideration.

Thanks
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ok, I have decided on the title of the next article.

"Why Ernst & Young Consulting exonerates Serba Dinamik from KPMG's claims".

I plan to release next week, after the Christmas week.

Be patient please.

Thanks. See you guys next week.
.

**********************************ANNOUNCEMENT**********************************

There are some here that seem to dispense legal advise that is used to intimidate and threaten into silence freedom of speech and/or freedom of opinion.

Please be advised that the rules applies fairly to all parties or simply put, both sides of the coin.

You are hereby requested to seek legal advice or seek legal counsel to better advise to your goodselves on legal matters, Acts and/or independent media articles.
.

.
Btw, I forgot to mention that after watching this youtube video

Why You Can't Trust Mainstream Media Doctors
https://www.youtube.com/watch?v=eremXNBZUUs

you will be able to identify the fraudsters and scammers here.
.

.
Dear all,

Here is an excellent video to to assist in the identification of media propaganda. It has nothing to do with investment but shares the tricks and tactics used in spreading misinformation and propaganda.

This video also shares how to initiate questions to weed out fraudsters and put them into place.

I believe this would be applicable to Serba Dinamik and with any investment that you decide to make with information with media.

Why You Can't Trust Mainstream Media Doctors
https://www.youtube.com/watch?v=eremXNBZUUs

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Procedural matters for conversion already accounted for.

The process will proceed, matter how difficult or how long it takes.
.

.

We anticipate that there will be a welcome party for the Bondholders as newly minted SD shareholders.

Best Private Placement scheme ever.

Don't worry, SD valuation per share still be same even after dilution. Corporate finance already did the modelling.


leno sebak fail to pay RM 30 million coupon
because of this,
sebak has defaulted the 2022 bond (about RM 1 billion)
which automatically mean defaulted 2025 bond as well. (another RM 1 billion)

If u cannot pay bond 1 coupon
meaning u could not pay bond 2 coupon.
For eg. if u got no money to pay your teh-o ais,
how are u going to pay for your nasi ayam ?
This is simple law and common sense.

Defaulted on RM 30 million coupon
also mean sebak must immediately
- return back 25% of 2022 bond
- 25% of 2025 bond
and another 75% later on.

25% of 2022 bond and 2025 bond is about RM 500 million.
RM 30 million cannot pay, how to return RM 500 million now ?
The cash already been freeze
and all asset is being Liquidate.

Any left over,
must use to pay for another 75% bond
= RM 1.5 BILLION with the capital letter "B"

NICE AAAAAAAAAAAAH !!

.@sslee
I am sorry about your experience with Xinqguan.

Actually, from experience dealing with China companies (or specifically Communist/Ex-communist countries including Juntas) when it come to share investing, I usually do not participate.

Reason is, due to different belief in legal systems and values, these companies may not share the same level of standards and expectations that we uphold. To them, sometimes they don't take it seriously and what is acceptable in their country, does not mean its acceptable elsewhere, which they tend to forget.

I would participate in a company unless it comes from country that shares similar Commonwealth legal systems and values, a USA or EU company where I can navigate the legal and financial systems with ease and dealing with them is easier as we have some common belief system.

I know that retail investors feel isolated and cut-off from the corporate world and what information that they don't get is very stressful.

Which is why for SD's case for example, (as I am also from the O&G industry), I utilise my industry contacts, talk to Petronas, talk to SD's vendors etc to find out what is going on.

Over the years, I have also made close acquaintances with Bursa Malaysia and Securities Commission head of divisions and their teams and I can gather information from them.

I also talk to the financial institutions and financiers.

On the other hand, I also talk to the media and the blogger sphere. I have spoken to Jose Barrock's "mentor" for example to discuss SD.

In short, getting information and navigating the issues is more than participating in forums and joining chat groups. One has to utilise all available resources at hand to get to the real information.

And I know not everyone has these resources, which is why I am sharing them in the forum and/or in my commentaries.

@sslee
Stock: [SERBADK]: SERBA DINAMIK HOLDINGS BHD
Dec 21, 2021 9:28 AM

Back then I was so naive in believing SC and Brusa will protect minority shareholders interest and go after the Xingquan BOD. Now I learnt from i3 to lari kuat kuat when I sense the first sign/red flag of fraud

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New article coming up soon. I am thinking of a title.

"Why EY will not be able to conclude Serba Dinamik's Special Independent Review"

"Why Bursa cannot accept EY's Special Independent Review conclusions of Serba Dinamik".

Maybe some of you here can help with a good title.

Thanks.

p.s. The paragraphs below will be rephrased to easy read.
===============================


Do you know what in-conclusive means? So I will give 2 simple examples what in-conclusive means.

1) Trade debtors/Trade Creditors (work done)
The amounts owing by to debtors or amounts owing to creditors are questionable because the customer/vendor didn't respond to confirmation of balances, or office cannot be found. Work performed also cannot be verified.

Evidence for EY.
They did manage to get confirmation and been able to visit the office. They also managed to see payments to and from SD to these customers and vendors respectively for work done. All paperwork check out.

The work done is a little hard to be verified (this will also go into example 2), either what you see is the finish product or WIP. The materials and labour may have been used in the process of construction, hence cannot see the stock. The counter check for this is to review the weekly project reports and all the other inventory and work records, delivery and receipt documents to confirm. It is a monumental task. Sample test on material items is the way, but as always not all can be traced.

2) Assets/Stock
The assets type, location cannot be verified.

Evidence for EY.
The assets/stock may have been part of the construction. Visible items like gensets, topside equipment can be tracked easily. However, some items like piping cannot be traced accurately as they have used in the construction and not so visible. In addition, machinery can be in different locations then and now.

What is of concern is, are the assets being sighted now (wherever possible) the same ones highlighted by KPMG? Of course, can do documentation verification, review delivery/receipt logs etc for material items, but there are some that cannot be traced since it is not visible now, either lost or junked.

Based on this 2 example, there is a reasonable assumption that it confirms that there are no issues. However, the small % (immaterial) cannot be verified simply because it has been consumed or lost in the process of execution the work.

Hence, prudently, the conclusion is in-conclusive.

In-conclusive because the timing difference (between May and October) means that there is a small % issues for trade debtors/trade creditors (work done) and Assets/Stocks as highlighted by KPMG, cannot be verified. What can be verified are the big ticket items.
.

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Dear all,

Our effort to the truth is getting closer. Thanks to some of the articles posted in my commentary, the media has been cornered.

For the past 6 months, the media had tried to prevent the real facts and developments to the issue from being reported. They have been selectively "framing" the titles and highlighting the issues with inconsistent and questionable facts. In addition, their articles are full of "emotional pulls" which are irrelevant to the issue.

Any progress made to the case, which usually comes to a 50 worded paragraph, is always supplemented with 1000 worded paragraphs of what is already publicly known.

The media had intentionally and maliciously hidden the information in my articles from the public.

With the articles in my commentary, you would have been able to see the developments of the issues, what was resolved and what is still pending completion.

You would have been able to ascertain the quantum amounts (resolved and uncompleted). You would also be able to discern what the uncompleted issues consist of, what audit techniques will be used to resolve them and to what extend that they can be reasonably resolved.

The media has always engaged in a game of perception, a trial by media. The media is so desparate to resolve this issue now that they had the audacity to advise Bursa Malaysia to break its own rules.

Let’s wait for what is to be disclosed month end and for court proceedings to begin next year. In the meantime, the media's misinformation rhetoric would continue.

p.s. Please circulate to the Telegram/Whatsapp group and forums. Thanks.
.

.
From the desk of Serba Dinamik’s Shareholders To Theedgemarkets.com - Clarification on the Articles appearing in Theedgemarkets.com Website
By Pearlwhite 20th December 2021 9.48PM

To Theedgemarkets.com

We refer to the articles appearing in theedgemarkets.com website on 6th December 2021 and 20th December 2021.

In this respect, kindly make an immediate announcement to the differences in the amount of alleged questionable transactions worth over RM4.5 billion versus RM1.438 billion, and any development thereof.

Yours faithfully

Serba Dinamik Shareholders

c.c.: Bursa Malaysia Securities Berhad Listing Department
Bursa Malaysia Securities Berhad Regulation Department
Market Surveillance Dept., Securities Commission Malaysia

“Serba Dinamik’s chairman, independent director quit claiming 'biased regulatory prosecution' towards group”

https://www.theedgemarkets.com/article/serba-dinamiks-chairman-independent-director-quit-claiming-biased-regulatory-prosecution

"Trading in the shares of Serba Dinamik has been suspended since Oct 22, after it failed to disclose the findings of a special independent review undertaken by Ernst & Young Consulting Sdn Bhd (EY Consulting) about an audit issue flagged by its then external auditor KPMG in May about some allegedly questionable transactions worth over RM4.5 billion."

"Bursa’s suit sheds more light on Serba Dinamik’s financials"

https://www.theedgemarkets.com/article/bursas-suit-sheds-more-light-serba-dinamiks-financials

"EY Consulting’s findings update recorded in the court documents highlight the same concerns that KPMG had over the company’s transactions. The court documents state that the financial impact on the company from EY Consulting’s findings under the SIR amounted to RM1.438 billion as at Oct 22, 2021."

* In respect of the article, it is recommended that you consult with a Certified Accountant/Chartered Accountant/Chartered Internal Auditor, Chief Financial Officer, Legal Counsel and/or Tax Advisor for advice concerning the article.

It is not recommend that consultations be made with Certified Financial Analyst, Brokers, Traders and/or MBA/MA Finance Graduates as they are deemed not to have the necessary competency and skills to evaluate and advise on such matters discussed in the article.
.

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I hope you didn't mind me using your experience with XINGQUAN INTERNATIONAL SPORTS HOLDINGS LTD for one of the article entitled

"Serba Dinamik’s financials are free of financial transgressions and fraud".
https://klse.i3investor.com/blogs/Pearlwhite/2021-12-14-story-h1595598112-Serba_Dinamik_s_financials_are_free_of_financial_transgressions_and_fra.jsp

Thanks for pointing this out!

[Quote]

"Refer Xingquan 8th AGM official minutes on BOD laughable explanation:

3. On is the cash in bank real or fraud?: The cash in bank was verified by the external auditors who had obtained confirmation and printed bank balances statement directly from the various banks, the low interest income because of low interest rate and minimum placement of funds in fixed deposit accounts."

[Unquote]

Sslee @Pearlwhite, may I ask you hold how many serbadk shares?

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Take note.

Serba Dinamik has been slapped with 2 suspensions per MMLR rules.

With the disclosure of AR2020/21, Serba Dinamik will still be suspended pending SIR.

Thanks.
.

.
@20th December 2021
Details of Key Action Indicators. Lets run the show for the better of SD.

COMPLETED ACTIONS FROM DETAILS BELOW
- Restructure company to greater heights - more contracts/projects, focus on customer.
- Founder's legacy 1 - removed margin call risks till 10 sen and before completion of SIR.
- Manage cash flow and forecasts.
- New financing initiatives will not involve Private Placement. and Rights Issue.
- EY will provide finalised SIR to Bursa.
- Bursa to request SD to announce SIR findings.
- Complete 2020 audit and annual report as planned.
- Complete 30/9/2020 QR within time frame or earlier (1st draft out by 21/10/2021).
- Group meetings with asset / fund managers together with re-rating agencies. Initiate re-rating process..
- Meeting with current financiers. Initiate re-rating process.

=====================================================================
OUTSTANDING / ON-GOING

Shareholders' Mandate
- Founder's legacy 2 - restructure founder shareholdings to focus on future strategy, finance, legal - in progress

Business Development
- Re-engage lost and new customers and continue to win more contract/projects - in progress
- Provide more innovative and new products and services to customers world wide. - In progress

Operations / Project Management / Procurement
- Continue focus on delivering continue safety, operational efficiency and cost effectiveness - in progress
- Continue to delivery on projects within customers expectations and satisfaction on time.

Finance
- Manage collections and expenditures - In progress

Governance
- Issues highlighted in forum will be dealt by SC/Bursa directly with forummers. SD will have no part in time wasting activities. - In progress.
- To deliberate offer by KPMG to resolve legal issue. - In progress.
.

.
New commentary issued.

Thanks.
.

.
With this move, Serba Dinamik is now officially under the wings of Gabungan Parti Sarawak (GPS). Chairman Kadir is a member of PBB. PBB is a component party of GPS (PBB /GPS is under the leadership of Sarawak Minister Openg).

It is to prevent the take over from 2 parties (aka KL buyers) who are in the federal government, from abusing the Capital Market regulations.

The shareholders will fight tooth and nail to prevent the abuse of regulatory action to force Serba Dinamik to surrender to accept a white knight.

As for minority shareholders, your investments will not be written off under whatever outcome (being taken over or not). Your investments will return to is former value.

All will be revealed when duly permissible.

Thanks.


https://www.bursamalaysia.com/market_information/announcements/company...

https://www.bursamalaysia.com/market_information/announcements/company...

What is this BS now ? they just simply resign and resign.

.
Luckily, i put a recommendation not to seek advice ftom CFA, trader, brokers etc. Cannot even interpret accurately statements made by others with lack of financial prowness.
.

.
Funny, the bigger investors like kyy, investorking, interfund are well into SD. Goes to show having professional advisors are well worth the effort to provide better understanding of any appraisal.

Also goes to show, that while we can try to save everyone, we cant save them all.

Anyhow, the world's not fair to everyone.
.

.
**********************************ANNOUNCEMENT**********************************

There are some here that seem to dispense legal advise that is used to intimidate and threaten into silence freedom of speech and/or freedom of opinion.

Please be advised that the rules applies fairly to all parties or simply put, both sides of the coin.

You are hereby requested to seek legal advice or seek legal counsel to better advise to your goodselves on legal matters, Acts and/or independent media articles.
.

.
**********************************ANNOUNCEMENT**********************************

There are some here that seem to dispense legal advise that is used to intimidate and threaten into silence freedom of speech and/or freedom of opinion.

Please be advised that the rules applies fairly to all parties or simply put, both sides of the coin.

You are hereby requested to seek legal advice or seek legal counsel to better advise to your goodselves on legal matters, Acts and/or independent media articles.
.

.
Here is another response a frequently asked question in my DM. Please refer this old post in relation to the uplifting of suspension.

Dec 4, 2021 10:56 AM
.
Now, we shall identify the calendar of events for Serba Dinamik. The purpose of this calendar shall provide an expectation of the SIR saga.

The conclusion is Annual Report 2020/21 shall be released and thereafter suspension of its securities will still be in place, until and after completion and disclosure of the SIR.

Expectations of removal of suspensions will not occur, per the MMLR rules.
.

December 2021

8th December 2021
To hear Serba Dinamik's injunction application to bar Bursa Malaysia and E&Y from releasing the SIR findings.

8th December 2021
Last day for balance of payment for interest

31st December 2021
Last day for announcement of for Annual Report 2020/21

3rd January 2022
To hear Bursa's case against Serba Dinamik
.

.
Dear all, I would be updating my articles to include a recommendation.

**
In respect of the article, it is recommended that you consult with a Certified Accountant/Chartered Accountant/Chartered Internal Auditor, Chief Financial Officer, Attorney, and/or Tax Advisor for advice concerning the article.

It is not recommend that consultations be made with Certified Financial Analyst, Brokers, Traders and/or MBA/MA Finance Graduates as they are deemed not to have the necessary competency and skills to evaluate and advise on such matters discussed in the article.
**
.

.
Thanks everyone for the responses in the DM. One of the many queries I got was whether the AR will be disclosed by 31st December 2021.

I observed in many instances, that if

1) SD was the one that *initiated* a promise or target, they have been 100% honoured. (Disclaimer : Initiated by BOD of SD and/or public announcement. Insider sources do not apply)

2) If other parties forced or coerced SD to make a promise, they have not been 100% honoured. In fact, you will ascertain that there is a pinch of "distain" toward orders forced upon them in their responses.

SD (and SCIB) had made requests for 31st December 2021 as the deadline and from track record, it will be honoured.

Hence, the AR is an important chess piece (AR would be a document that is acceptable by all parties) to solve the debt dilemma.
.

.
The final leg by using the debt repayment as an issue when all else (SIR, suspension, negative media blast tactic, etc.,) fails.

Next article coming up. Is Serba Dinamik responsible for failing to honour the interest payment? Or is it the consequence of a broken regulatory capital market?
.

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Petronas QHSE audits being conducted now for all their vendors.
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Unfortunately for the not so financial savvy, the financial institutions have frozen approximately RM4 billion of credit facilities which can be utilised.

The list can be found here.
https://reorg.com/serba-dinamiks-audit-review/

I am sure not having negative publicity is part of the requirement to be granted continued use of credit facilities.

That is a matter that is being dealt between Serba Dinamik and the financial institutions.
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The article is out. This is a simplified version as the original one was too detailed. However, the gist remains as intended.

It is highly recommended that you obtain the ICAEW Auditing and Assurance book to cross reference against what is said in the article.

Otherwise, you may consult with an auditor, forensic/investigative auditor, internal auditors or CFOs. I do not recommend CFA, analysts and/or MBA Finance Graduates as they are ill equipped with the skill to know the ways to commit fraud or financial transgressions.

Thanks
.

.
To let HSBC to settle on SD's behalf.

I believe SD has a RM1 billion facility (which is frozen) and since HSBC is trustee for the bond, SD is of the opinion that HSBC brought it on themselves by freezing SD's facilities.

sparrow @pearlwhite can you then address why did serbak default on the coupon payment and how do they plan to resolve this?

.
There is a pattern emerging with media reports of Serba Dinamik. Did you notice that Serba Dinamik's news can be classified into 3 major categories?

1) Digital - Collaborations with various states in Malaysia in addition to a few government ministries in addition to move into AI (Covid detection app and Data Knights).

2) Aerospace - Communication technology (satellite) and Aerospace Hubs

3) O&G - Generic oil and gas and renewable energy initiatives

For a company that is fraught with alleged irregularities with its Financial Statements, coupled with alleged fraud and on the verge of being declared bankrupt, it begs to wonder why news like this continue to surface when it is expected that items 1 - 3 will never take off or would continue as a going concern.

Or why as a matter of fact, various parties continue to collaborate and worst still award grants and contracts to Serba Dinamik.

Begs to wonder.
.

.
Update. The article to dispel baseless claims of fictional and fraud in the FS of SD would be up tonight hopefully.

The initial write-up was too detailed and hence it was re-written to be more palatable for the person on the street.

Thanks for the patience.
.

.
@14th December 2021
Details of Key Action Indicators. Lets run the show for the better of SD.

COMPLETED ACTIONS FROM DETAILS BELOW
- Restructure company to greater heights - more contracts/projects, focus on customer.
- Founder's legacy 1 - removed margin call risks till 10 sen and before completion of SIR.
- Manage cash flow and forecasts.
- New financing initiatives will not involve Private Placement. and Rights Issue.
- EY will provide finalised SIR to Bursa.
- Bursa to request SD to announce SIR findings.
- Complete 2020 audit and annual report as planned.
- Complete 30/9/2020 QR within time frame or earlier (1st draft out by 21/10/2021).
- Group meetings with asset / fund managers together with re-rating agencies. Initiate re-rating process..
- Meeting with current financiers. Initiate re-rating process.

=====================================================================
OUTSTANDING / ON-GOING

Shareholders' Mandate
- Founder's legacy 2 - restructure founder shareholdings to focus on future strategy, finance, legal - in progress

Business Development
- Re-engage lost and new customers and continue to win more contract/projects - in progress
- Provide more innovative and new products and services to customers world wide. - In progress

Operations / Project Management / Procurement
- Continue focus on delivering continue safety, operational efficiency and cost effectiveness - in progress
- Continue to delivery on projects within customers expectations and satisfaction on time.

Finance
- Manage collections and expenditures - In progress

Governance
- Issues highlighted in forum will be dealt by SC/Bursa directly with forummers. SD will have no part in time wasting activities. - In progress.
- To deliberate offer by KPMG to resolve legal issue. - In progress.
.

.
@sslee, FYI

I would using some of your blog quotes especially on the below as I am writing up an article to dispel once and for all the claims of fictitious, fraudulent FS that SD has done for the past few years.

"3. On is the cash in bank real or fraud?: The cash in bank was verified by the external auditors who had obtained confirmation and printed bank balances statement directly from the various banks, the low interest income because of low interest rate and minimum placement of funds in fixed deposit accounts."

I hope you do not mind as this reference to your blog would assist in clearing the air for SD and put to rest be baseless claims.

Thanks.
.

.
I believe SD should make a disclosure about this.

However, having said that, having bond holders as new shareholders isn't a bad idea after all.

But of course, the damage is not only on SD but also on the entire O&G market in Malaysia.

I am sure SD knows what it's doing.

ahot75 https://themalaysianreserve.com/2021/12/10/serba-dinamiks-coupon-payment-default-signals-wider-risks/

This IS a stunner

.
Have the order of the ICAEW audit and assurance book been made yet? I don't seem to be able to find any downloadable PDF on it.

The older version of it was called auditing and financial reporting and that too cannot be found.

It would be great if that book is read wrt. contentious areas so that the it can be understood better and to what extent the SIR has actually uncovered.

Then, can be cross examined against Bursa's and TheEdge's reports and would be able to determine that TheEdge has misled the public.

Good luck with your newfound investigative skill if you already ordered it.
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Next week, I will write 1 or 2 articles to put to rest the baseless claims from the herd and incomplete and poorly researched from a few here.

I did give some write ups previously and I will publish them again, but the next one would be good since all of the information were in the financials for the past few years since listing lying in plain sight.

It will be a stunner.
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With this, Serba Dinamik will have to make an announcement.

Not doing so doesn't comply with relevant accounting standards and MMLR.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3217717
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(Updated 3.10PM)
To address the lack of understanding of the SIR or an external audit (and its requirements), might I suggest a way to get everyone up to speed on the correct methodology.

I would recommend the ICAEW Auditing and Assurance Book. It is a highly informative book with practical experience on how to deal with audits.

More importantly, rather than drown everyone with technical information, this book explains and shows how auditing is done in specific areas.

So, for Serba Dinamik's case, areas of audit discrepancies were on Receivables/Payables, Assets and Stocks.

Its no nonsense explanations as to why these methods are employed will enlighten even the ignorant.

It would be very useful for those who have embarked on their own investigation/audit career or those wishing to pursue greater investing evaluation skills.

As they say, never turn a blind eye to new ideas/concepts/skills and never close the mind.

Learning never stops.

Good luck and all the best.
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(Updated 10th December 2021, 12.15PM)
Now this is progress. Let's see what has been found out about The Edge.

1) The Edge is lobbying Bursa Malaysia to break its own rules.
2) The Edge is lobbying for SC to take action on Serba Dinamik without evidence.
3) The Edge doesn't know who the regulator of the capital market is.
4) The Edge had concealed that RM3 billion of audit discrepancies were resolved in the SIR.
5) The Edge had concealed that audit discrepancies within Malaysian borders were resolved in the SIR.
6) The Edge had concealed that audit discrepancies that had KPMG as external auditors were resolved in the SIR.
7) The Edge had been acting on behalf of the hostile takeover parties of Serba Dinamik to create a negative perception of Serba Dinamik.
8) Jose Barrack's sifu gave feedback that The Edge cannot be taken seriously with poor quality journalism.
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To address the lack of understanding of the SIR (and its requirements), might I suggest a way to get everyone up to speed on the correct methodology.

I would recommend the ICAEW Auditing and Assurance Book. It is a highly informative book with practical experience on how to deal with audits.

More importantly, rather than drown everyone with technical information, this book explains and shows how auditing is done in specific areas.

So, for Serba Dinamik's case, areas of audit discrepancies were on Receivables/Payables, Assets and Stocks.

Its no nonsense explanations as to why these methods are employed will enlighten even the ignorant.

Thanks.
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Serba Dinamik will continue to bask proudly to the O&G regulatory, compliance and media authority
by Pearlwhite (10th December 2021, 9.00AM)

The Oil&Gas (O&G) industry has been around for a very long time and covers a array of activities, aptly named upstream and downstream. With such economic influence worldwide, it is no wonder the O&G industry is one of the most heavily regulated, monitored and self regulated industry.

In the case of fraudulent and unethical activities, this cannot be more true. There are a plethora of compliance and certification authorities to comply, in addition to government monitoring in various parts of the world.

So much so that when there is an illicit gift of RM250 (USD55) being made, it will be known by the whole industry. And this is years before the Malaysian Anti-Corruption Commission Act 2009!

In the case of Serba Dinamik with the Special Independent Review (SIR) being in the courts for alleged accounting discrepancies, this cannot be more true. This has now involved two external auditors and two regulatory bodies.

Alleged accounting discrepancies and alleged fraud do not happen at a specific point in time, but rather for a long period.

That being said, if there were alleged accounting discrepancies and alleged fraud, the external auditors and regulators would not be the first to know about it.

The O&G industry is well supported by many professional news outlets and journals (for example, Upstream, Oil&Gas Journal,etc.,) that if there were any alleged accounting discrepancies and alleged fraud, they would be the first to know.

The professional news outlets and journals are the first line of check and balance for the O&G industry.

These professional news outlets and journals, often helmed by ex-O&G professionals aided by financial specialist, are well connected with the entire supply chain, with many individuals in specific O&G companies and that of their peers, in addition to government authorities.

These connections are what makes these professional news outlets and journals so valuable and also so feared of by O&G companies. Not only that they are able to inform on the latest developments first, they will also be the first to know about alleged accounting irregularities and alleged fraud with their vast network.

So far, these professional news outlets and journals have not reported alleged accounting irregularities and alleged fraud for Serba Dinamik.

Serba Dinamik will continue to bask proudly to the O&G regulatory, compliance and media authority.

p.s. Please circulate to the Telegram/Whatsapp group and forums. Thanks.

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Now this is progress. Let's see what has been found out about The Edge.

1) The Edge is lobbying Bursa Malaysia to break its own rules.
2) The Edge doesn't know who the regulator of the capital market is.
3) The Edge had concealed that RM3 billion of audit discrepancies were resolved in the SIR.
4) The Edge had concealed that audit discrepancies within Malaysian borders were resolved in the SIR.
5) The Edge had concealed that audit discrepancies that had KPMG as external auditors were resolved in the SIR.
6) Jose Barrack's sifu gave feedback that The Edge cannot be taken seriously with poor quality journalism.
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