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TheEdge : Having read Bursa's of Originating Summons and SIR - What is your conclusion?

by Pearlwhite 5th December 2021 10.12AM (Updated 6th December 2921 10.35AM)

The Edge in its feature length coverage on 29th November 2021 entitled “Bursa’s suits sheds more light on Serba Dinamik’s financials” sheds some very interesting lights on Bursa and The Edge.

In the four areas of SIR, it always begins in a paragraph or two that "EY shares the same concerns" or "EY found discrepancies". Thereafter, it continues with a repeat of KPMG's findings that was disclosed by Serba Dinamik in May 2021.

That narrative meant that that all of KPMG's findings are correct, in addition to more discrepancies that were found. So,

Firstly, the question is that does "EY shared the same concerns" or "EY found discrepancies" a result that cannot be disputed? Not once was there any mention of words that suggests "finalisation", "completion", "conclusion" or some words towards that effect.

Secondly, there was never mention of any attempts to resolve the RM1.438 billion of audit discrepancies. Was this the reason why Bursa wanted it to be disclosed as EY was supposed to stop work (just like what KPMG did previously)?

Thirdly, nor was the fact that up to RM3 billion worth of audit discrepancies that was resolved was ever mentioned or more likely conveniently left out.

Finally, what is more intriguing, Bursa has given the option to Serba Dinamik to continue to complete the SIR with EY and in the event that EY resigns or is terminated, Serba Dinamik will appoint another auditor with international affiliation to complete the SIR in its Originating Summons.

Consider this. Here is an excellent framing of the above mentioned,

"EY found 'evidence' backing KPMG's doubts on Serba Dinamik"

https://www.themalaysianist.com/ey-found-evidence-backing-kpmgs-doubts-on-serba-dinamik

This together with “Bursa’s suits sheds more light on Serba Dinamik’s financials” paints a very negative picture to the ongoing SIR.

However, if the media were truthful and not immoral and went on by presenting the headline in a balanced way by considering Serba's Dinamik response to Bursa's and EY's affidavits, it would have went like this,

"With RM3 billion cleared, EY continues to work on RM1.4 billion of unresolved audit discrepancies."

"With, two thirds cleared with one third being audited. A little more to go.".

This whole SIR saga deserves a re-look as there are too many discrepancies of it own as the presentation of facts were solely from Bursa's and EY's point of view.

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TheEdge got it wrong in 3 areas.

1) Bursa is not the chief regulator. SC is.

"It is compellingly natural for the SC, as the chief regulator of the capital markets, to take an interest in the proceedings as an observer," Loh said.

https://www.theedgemarkets.com/article/suit-against-bursa-malaysia-serba-dinamik-seeks-recuse-judge-who-once-served-sc

"Don’t be held to ransom. You are the regulator."

https://www.theedgemarkets.com/article/end-standoff-serba-dinamik-should-make-ey-review-public-prove-it-has-nothing-hide

2) This is where TheEdge doesn't really understand what materiality is

If it is inmaterial, there is no need to disclose. If it is, then disclose it. Both rational goes against accounting standards and the requirements.

We reiterate what we have said to Serba Dinamik: If indeed the information contained in the SIR is not “material”, why not release it to the public and prove that the regulators are wrong, instead of taking them to court? Wouldn’t that prove once and for all that you have nothing to hide?

https://www.theedgemarkets.com/article/end-standoff-serba-dinamik-should-make-ey-review-public-prove-it-has-nothing-hide

https://www.theedgemarkets.com/article/frankly-speaking-who-benefits-blackout-serba-dinamik

3) TheEdge is asking Bursa to break its own rules.

We also repeat our message to Bursa Malaysia: Lift the trading suspension on Serba Dinamik shares and let the market show what it thinks of the information blackout.

https://www.theedgemarkets.com/article/end-standoff-serba-dinamik-should-make-ey-review-public-prove-it-has-nothing-hide

https://www.theedgemarkets.com/article/frankly-speaking-who-benefits-blackout-serba-dinamik


The best thing of all, is all the information are from Bursa/TheEdge.

They should quality check what they want to press release so that it cannot be used against them and also make them lose their credibility.

Otherwise, just keep quiet.
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I do not want to sound pushy. Today's hearing has finished. Where is the long awaited hot off the oven report from TheEdge?

TheEdge always conducts a watch brief.

I am sure the outcome is what Bursa expects.

Or there is a reason why this was released yesterday instead.....

Frankly Speaking: Who benefits from blackout on Serba Dinamik?
https://www.theedgemarkets.com/article/frankly-speaking-who-benefits-blackout-serba-dinamik
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This is where a majority of investors are not well versed with disclosures and the concept of materiality.

SD will not announce the coupon payment to the market. That announcement is for the bondholders only, as revealed by the USD500k partial payment. (Pay attention to what was revealed previously and remember).

However, an announcement to the market will be necessary if SD defaults on the coupon payment after 30 days.

That said, if the media wishes to cause a stir with it, they could and try to elicit a media response from SD.
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A Statement of Action from the Supporters of CEO Karim and Serba Dinamik Berhad.

We have been aware and would officially state that we will deny and prevent the hostile takeover of Serba Dinamik Berhad through guerilla tactics.

We the mutual and institutional funds and retail investors in support of CEO Karim and Serba Dinamik Berhad would ensure that the current Board and Management and great team at Serba Dinamik Berhad would continue in the foreseeable future.

We will maintain more than 2/3 of overall share support for CEO Karim and Serba Dinamik Berhad.

Thank you.

PS : Using the regulatory bodies to force Serba Dinamik Berhad into a checkmate position for takeover will also be denied by us.

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Congratulations to SD. BAU.

However, after reviewing this video, you might noticed the writings at 1.45 to 1.49.

Looks like some group will be darn pissed with this.

https://youtu.be/bFHHvEpIa_c

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Note : Status the same @1st November 2021. Key focus is to disclose items before 31st December 2021 (previously 30th November 2021).

@8th 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.

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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.
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Dear all,

As promised, I hereby am giving notice of *possible* announcement of Serba Dinamik's Annual Report 2020/21.

Serba Dinamik started the announcement machinery last week.

However, SCIB will *most likely* not like follow Serba's footsteps.

Thanks
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TheEdge : Having read Bursa's of Originating Summons and SIR - What is your conclusion?
by Pearlwhite 5th December 2021 10.12AM (Updated 6th December 2921 10.35AM)

The Edge in its feature length coverage on 29th November 2021 entitled “Bursa’s suits sheds more light on Serba Dinamik’s financials” sheds some very interesting lights on Bursa and The Edge.

In the four areas of SIR, it always begins in a paragraph or two that "EY shares the same concerns" or "EY found discrepancies". Thereafter, it continues with a repeat of KPMG's findings that was disclosed by Serba Dinamik in May 2021.

That narrative meant that that all of KPMG's findings are correct, in addition to more discrepancies that were found. So,

Firstly, the question is that does "EY shared the same concerns" or "EY found discrepancies" a conclusion that cannot be disputed? Not once was there any mention of words that suggests "finalisation", "completion", "conclusion" or some words towards that effect.

Secondly, there was never mention of any attempts to resolve the RM1.438 billion of audit discrepancies. Was this the reason why Bursa wanted it to be disclosed as EY was supposed to stop work (just like what KPMG did previously)?

Thirdly, nor was the fact that up to RM3 billion worth of audit discrepancies that was resolved was ever mentioned or more likely conveniently left out.

Finally, what is more intriguing, Bursa has given the option to Serba Dinamik to continue to complete the SIR with EY and in the event that EY resigns or is terminated, Serba Dinamik will appoint another auditor with international affiliation to complete the SIR.

Consider this. Here is an excellent framing of the above mentioned,

"EY found 'evidence' backing KPMG's doubts on Serba Dinamik"
https://www.themalaysianist.com/ey-found-evidence-backing-kpmgs-doubts-on-serba-dinamik

This together with “Bursa’s suits sheds more light on Serba Dinamik’s financials” paints a very negative picture to the ongoing SIR.

However, if the media were truthful and not immoral and went on by presenting the headline in a balanced way by considering Serba's Dinamik response to Bursa's and EY's affidavits, it would have went like this,

"With RM3 billion of audit discrepancies cleared, EY continues to work on RM1.4 billion of unresolved audit discrepancies."

This whole SIR saga deserves a re-look as there are too many discrepancies of it own as the presentation of facts were solely from Bursa's and EY's point of view.
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Contrary to popular hysteria and mania, which is why never be emotional and be aware of the facts although I did play along.

Today is a very important day for SD. Depending on the terms of actual payment to bondholders, today is the second last day to remit funds for the coupon payment.

By 11 am, SD would have gotten the spot quotes for Telegraphic Transfer to Singapore and it has to be executed by 3/4pm, otherwise it would not appear in the accounts on December 7th.

Take note.
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TheEdge : Having read Bursa's of Originating Summons and SIR - What is your conclusion?
by Pearlwhite 5th December 2021 10.12AM

The Edge in its feature length coverage on 29th November 2021 entitled “Bursa’s suits sheds more light on Serba Dinamik’s financials” sheds some very interesting lights on Bursa and The Edge.

In the four areas of SIR, it always begins in a paragraph or two that "EY shares the same concerns" or "EY found discrepancies". Thereafter, it continues with a repeat of KPMG's findings that was disclosed by Serba Dinamik in May 2021.

That narrative meant that that all of KPMG's findings are correct, in addition to more discrepancies that were found. So,

Firstly, the question is that does "EY shared the same concerns" or "EY found discrepancies" a conclusion that cannot be disputed? Not once was there any mention of words that suggests "finalisation", "completion", "conclusion" or some words towards that effect.

Secondly, there was never mention of any attempts to resolve the RM1.438 billion of audit discrepancies. Was this the reason why Bursa wanted it to be disclosed as EY was supposed to stop work (just like what KPMG did previously)?

Thirdly, nor was the fact that up to RM3 billion worth of audit discrepancies that was resolved was ever mentioned or more likely conveniently left out.

Finally, what is more intriguing, Bursa has given the option to Serba Dinamik to continue to complete the SIR with EY and in the event that EY resigns or is terminated, Serba Dinamik will appoint another auditor with international affiliation to complete the SIR.

This whole SIR saga deserves a re-look as there are too many discrepancies of it own.
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This was my response previously.

Oct 28, 2021 2:42 PM | Report Abuse
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As for [Case:SC2021-23643] - RE : Serba Dinamik Klse i3investor - Reports of Fraud accounting, I will post SC's response later when SIR is out.

Suffice to say, it will definately break the hearts of leno and psai3alert. So much efforts put in.

I wish to state that despite pressing for more explanations from SC, I was denied to SC's findings.
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Depeche Pearlwhite. SC's conclusion to your report to SC...U said it once and say it again now that you'll reveal when SIR is out... can I assume u know the outcome of SC's investigations partially or wholly?
04/12/2021 6:56 PM

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Here is a piece of information would be of interest to the on-going SIR saga. Will be good to see how this will be put to use by Serba Dinamik when the SIR has been finalised.

https://reorg.com/serba-dinamiks-audit-review/
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Since its down to the wire for the release of the Annual Report 20/21, I will try (no guarantee) to give an advance notification of 1-3 days in advance of its disclosure by SD.

For example, if SD intends to release it on 20th December 2021, I will let you know on 17th - 19th December 2021.

Conversely, if SD cannot release it by 31st December 2021, I will let you know on 28th - 30th December 2021.
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Pearlwhite's posts are in the telegram / whatsapp group. Thanks everyone. Keep it up.

Don't worry, 1 post from Pearlwhite will always create 50 responses from both sides of the camp.

Still waiting for them to debunk the observations for past 2 months.

And I still owe Leno and Psai3alert SC's conclusion of my report to SC. Will disclose with SIR is out. Don't worry, I always keep my word.
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Yesterday, was the listing of Grab in Nasdaq. And hitting the dong were the founders.

I remember years ago, there was uproar and disgust that Grab was owned by our ex-PM's wife.

At end of the day, now with their prospectus and listing, did our ex-PM's wife ever owned Grab?

I see the uproar and disgust towards Serba Dinamik playing the same music and script like our ex-PM's wife.

Never let this kind of thing happen again. Investing involves your monies, take the time and do research and find the truth.
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Your opinion is what matters. Market perception is important. And the law was fair and works in every direction for everyone.

Nexis Unqualified / SIR not completed, conclusion has issue - SD in the wrong
Nexis Qualified / SIR not completed, conclusion has issue - SD in the wrong
Nexis Unqualified / SIR completed, conclusion has no issue - SD vindicated
Nexis Qualified / SIR completed, conclusion has no issue - SD in the wrong

Odds are against SD, only 25% chance.

alenac Will it be out soon without qualification?


Posted by ǷearlꙌhite > Dec 4, 2021 11:36 AM | Report Abuse

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Thank you for saying Nexia's auditors' opinion is of no creditibility in event of disclosure of AR20/21.

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Thank you for saying Nexia's auditors' opinion is of no creditibility in event of disclosure of AR20/21.


alenac .....still suspended. All analyses point to management lacking transparency in disclosing SIR.

Posted by ǷearlꙌhite > Dec 4, 2021 11:16 AM | Report Abuse

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The conclusion at the end of the day is .....

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When EY (accompanied by SC and Bursa representatives and legal witnesses) refuses to leave M'sia's borders, what do you think?


Depeche How about EY's location tracing to a supermarket and workers quarter? Is there a logical explanation for their finding?

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The conclusion at the end of the day is to

1) At the start of the video, avoid being being a herd to an issue that you know little about by bringing nothing to the table and having an emotional breakdown. Do research (and this is by no means just reading posts).

2) Look at the facts from both sides, balance the probabilities and come up with rational explanations.

Eg. If RM4.5 billion was disputed, and now RM1.438 billion is outstanding, does this mean RM3 billion is resolved? Why was this fact hidden? And why must it be disclosed when it is outstanding?

3) Do proper legwork to ensure that your conclusions are beyond reasonable doubt. Your conclusions must be beyond reasonable doubt.

4) Always continue to listen (even if you do not agree) and never shy away from what you disagree. Dissect and work out the disagreed points and see whether it makes sense. Then repeat 3.

5) Focus on the issue and ignore distractions. Avoid being a distraction as that brings no credibility to you.

Hope that this video is of help and happy investing.

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As if there is a saviour for Serba Dinamik, here is an excellent video of the Rittenhouse trial.

This video is an excellent representation for those to wish to decide for themselves the on actual situation and details.

I recommend that this be shared to all investment community so as to be able to discern, deduce and decide on information presented on any company they are into.

How Mainstream Media Gets People to Believe Lies
https://www.youtube.com/watch?v=j00eDwJDVRs
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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.
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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
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As if there is a saviour for Serba Dinamik, here is an excellent video of Kyle Rittenhouse trial.

This video is an excellent representation for those to wish to decide for themselves the on actual situation and details.

I recommend that this be shared to all investment community so as to be able to discern, deduce and decide on information presented on any company they are into.

How Mainstream Media Gets People to Believe Lies
https://www.youtube.com/watch?v=j00eDwJDVRs
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Bursa, EY and The Edge - The number is seen but cannot be seen otherwise
By Pearlwhite 2nd December 2021, 6.50PM (updated 3rd December 2021, 9.45AM)

That’s right, RM1.438 billion of audit discrepancies that cannot be verified. What could that RM1.438 billion be? What does it consist of?

We now know for sure it must be verified at its physical place and location outside of Malaysia (see below for commentary from CEO Karim Abdullah). This is crucial for two reasons:

Firstly, the discrepancies of up to RM3 billion that were resolved are within Malaysian borders. Moreover, some of the RM3 billion of resolved discrepancies were related to companies which had KPMG as their external auditor.

Secondly, this is huge setback for market speculation of fictional contracts, revenue, receivables, vendors, assets and stocks since auditors do not commence with site visits unless and until after documentations and signed confirmations have been audited.

So why would physical place and location verification be so important then? Physical sighting as auditors calls it, is important because it confirms “existence”. Existence is the objective reality or being visible to our eyes. Existence is what gives credibility and legitimacy to the to what are stated in the financial statements.

If existence cannot be verified, whatever that is stated in the financial statements can be fictional, no matter the documentation and signed confirmations. For all you know, when its fictional, it may well be a signed confirmation from a monkey, is a typical auditor joke.

Areas that require sighting includes assets, customer and vendor premises and stocks.

So far, SD has given all co-operation and assistance needed to expedite the completion of the SIR. However, if the parties involved are un-willing to cross Malaysia’s borders, then RM1.438 billion will forever be seen but cannot be seen otherwise.

So, with the documentations and signed confirmations in file, let’s go sightseeing and photograph the places of interests.

Serba Dinamik’s special audit review facing ‘operational matters’
Wednesday, October 27th, 2021 at Markets | News
https://themalaysianreserve.com/2021/10/27/serba-dinamiks-special-audit-review-facing-operational-matters/

“Hopefully the easing of standard operating procedures on Covid-19 restrictions in different countries can help to expedite the verification process. It depends on agreement or cooperation of all parties involved,” he told The Malaysian Reserve when asked about the date the group will be able to announce the findings.

p.s. Please circulate to the Telegram/Whatsapp group and forums. Thanks.
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Serba Dinamik – A look at the truth from a distance (Part 2)

Fourthly, in SD’s legal battle with KPMG is looking more likely to succeed given that up to RM3 billion audit discrepancies have been resolved and RM1.438 remains work in progress (refer third insight).

Serba to sue external auditor for a “sum not small but astronomical”
By Cheah Chor Sooi 06/22/2021 in Markets
https://focusmalaysia.my/serba-to-sue-external-auditor-for-a-sum-not-small-but-astronomical/

“As a result, the company (Serba Dinamik) has taken a big hit for something which is not its fault. There is a dire need to seek justice for the company whose reputation has been dragged down (so low),”

Finally, in hindsight, SD has suffered reputational damage from this on-going saga. Given the fact that Securities Commission Malaysia (“SC”) has just initiated its own investigation, despite having seized documents from various SD premises on 18th May 2021, does this also mean SC will issue its own report to validate a completed SIR? What is SC’s response to the RM3 billion that have been resolved?

SC says Serba Dinamik probe ongoing
Adam Aziz November 12, 2021 08:33 am +08
https://www.theedgemarkets.com/article/sc-says-serba-dinamik-probe-ongoing-backs-ey-special-review

“The regulator assures the investing public that it has made progress on its investigation and additional resources have been added to the team to ensure the investigation is completed in a timely manner. “

Conclusion
A lot has happened and clearly, even with the conclusion of the SIR, there will be definitely a review on the existing regulations and ways to improve on its efficiency and execution.

That said, SD is on track to redeem itself for continuously telling the truth, both in and outside the courts.

p.s. Please circulate to the Telegram/Whatsapp group and forums. Thanks.
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Serba Dinamik – A look at the truth from a distance (Part 1)

The latest announcement of Serba Dinamik’s (“SD”) financials as at 30th September 2021, provides some pretty intriguing insights to the ongoing Special Independent Review (“SIR”) saga.

Firstly, we now know that the responses from SD’s CEO in the media was the truth on the impact on its revenue and financing generating capabilities towards SD’s reputation.

We’re building back better than ever, says Serba Dinamik CEO
Imran Ariff -August 30, 2021 8:30 AM
https://www.freemalaysiatoday.com/category/nation/2021/08/30/were-building-back-better-than-ever-says-serba-dinamik-ceo/

“I would not lie to say that everything is still normal, there are banks which pulled the brakes. At the same time, there are some banks who are still continuing their support and, of course, we have partners from other parts of the world who believe in us and are convinced of our integrity and technical capabilities.

“There are some business partners … they were not happy and they have actually stopped the collaborations or business ventures we had agreed on, but we have mitigated that with other options and alternatives, and as a result of that, I would say it is still a situation that is manageable.”

Secondly, this had led to the necessary re-structuring of SD in order to mitigate the situation.

New internal organisation structure at Serba to firm up biz operations
By Cheah Chor Sooi 10/01/2021 in Featured, Markets
https://focusmalaysia.my/new-internal-organisation-structure-at-serba-to-firm-up-biz-operations/

“This follows a realignment exercise of the group’s organisational chart by its board of directors and top management to ensure a more effective global operation which will ultimately enable the group to continue delivering its shareholder’s mandate.”

Thirdly, with the now audit discrepancies which are not finalised amounting to RM1.438 billion, (refer : The Edge’s “Bursa’s suits sheds more light on Serba Dinamik’s financials” - 29th November 2021), there was no mention that up to RM3 billion worth of audit discrepancies were resolved and why RM1.438 billion remains unresolved. However, in Bursa Outstanding Summons,

"It also sought a court order directing Serba Dinamik to complete the SIR with E&Y or in the event of EY's premature resignation or its termination, the court orders the company to appoint an independent reviewer with international affiliation within 14 markets days for the SIR to be completed."

There are 2 observations to this intriguing statement.

Firstly, Bursa gives the 2 options, either to complete the SIR with EY and not.

In the event that the SIR is completed with EY, why does it need to be completed? Disclosure of the Factual Findings Update (FFU) means that it should be taken as final as its findings and conclusions are accurate, complete and factual.

Does completion of the SIR change the Factual Findings Update outcome in some way?

In the event that the SIR would not be completed by EY, which is what Serba Dinamik has been pursuing, does this mean that Bursa is of the opinion that the EY SIR in whatever status of completion cannot be relied upon? If so, why is it then that the Factual Findings Update be deemed material and relied upon then?

Is this a redemption for Bursa for the way the SIR proceeded with questionable procedural, eventual decisions and execution previously?

Secondly, Serba Dinamik is expected to appoint an independent reviewer with international affiliation. The quickest way and humanly possible way is with Nexia. After all, Nexia is conducting the audit for FY20/21 and would be the logical candidate to investigate what is being currently audited. If so, the SIR can be part of the Auditor's Statement for FY20/21.

Is this an olive branch given to Serba Dinamik to resolve this the quickest and more importantly, with ultimate independence, assurance and credibility?

Serba’s head honcho denies RM4.5 bil audit discrepancies.
By Cheah Chor Sooi 08/02/2021 in Featured, Markets
https://focusmalaysia.my/serbas-head-honcho-denies-rm4-5-bil-audit-discrepancies/

““Everyone has read the information wrongly; the RM4.54 bil consists of items that shouldn’t be added together. You cannot add costs and revenue together which is how the figure has been derived. This goes against financial literacy,” he was quoted as telling the Free Malaysia Today (FMT) portal.

“Perhaps, people are intentionally trying to sabotage us by exaggerating the numbers. We are not ruling this out.”

p.s. Please circulate to the Telegram/Whatsapp group and forums. Thanks.
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Bursa and TheEdge : Is this auditing standards and is it really good for the capital markets?
By Pearlwhite
30th November, 2021 9.45AM (Updated 30th November 2021 6.40PM)

The revelations made by The Edge in its feature length coverage on 29th November 2021 entitled “Bursa’s suits sheds more light on Serba Dinamik’s financials” is really worth a read.

So much so, that the only addition to what is already mainstream knowledge in the entire coverage was the following, apart from highlighting EY’s one sentence finding in the four areas,

“EY Consulting’s findings update recorded in the court documents highlight the same concerns that KPMG had over the company’s transactions. The Company 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.”

Recaps are definitely a good way to reinforce how serious EY Consulting’s findings are. For the list KPMG’s findings previously, here it is.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3162085

https://www.theedgemarkets.com/article/kpmg-raised-audit-issues-transactions-involving-over-rm3-billion-says-serba-dinamik. This involved RM3 billion of transactions with audit issues excluding trade/non-trade receivables.

https://themalaysianreserve.com/2021/10/27/serba-dinamiks-special-audit-review-facing-operational-matters. This involved more than RM3.5 billion of transactions with audit issues.

Note that the KPMG raised audit issues transactions of RM3 billion excludes Trade and Non-Trade Receivables. With its inclusion, the estimated amount is more than RM3.5 billion, in some cases estimated to be up to RM4.5 billion.

There are three observations arising from this.

Firstly, if EY’s findings concur with KPMG’s findings in its entirety, why are the findings called “Factual Findings Update”? Shouldn’t it be the “Conclusion”? After all, a conclusion is when there is beyond reasonable doubt that the findings do not contain any questionable facts and hence cannot be challenged.

Secondly, since EY's findings all concur with KPMG's finding, why is the impact now RM1.438 billion? It is lower than the RM3 billion to RM4.5 billion than previously thought. Are there any explanations for this revised value?

Finally, EY’s opinion that the impact is RM1.438 billion and not more than RM3.5 billion (and possibly up to RM4.5 billion) as previously reported. Does this mean RM2 billion to RM3 billion worth of transactions have been resolved? This is in fact a good progress, since 57% up to 67% of the contentious value respectively has been cleared.

In a nutshell, given these three observations, it is evident that EY’s SIR, albeit still work in progress, had managed to resolve up to RM3 billion worth of transactions. The balance of RM1.438 billion needs to have further audit verification works to be done in order to conclusively close the matter at hand.

When RM1.438 billion is disclaimed against any reliance to be placed on it, it is thus reasonable to have it resolved prior to disclosure even if EY's stands by its work and Bursa stands by it opinion.

p.s. Please circulate to the Telegram/Whatsapp group and forums. Thanks.
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Bursa : Is it an olive branch, redemption or a little of both
By PearlWhite
28th November 2021, 9.00AM (Updated : 29th November 2021 8.40AM)

What is of intrigue is the following, taken from TheEdge,

https://www.theedgemarkets.com/article/why-bursa-sought-serba-dinamik-...

"It also sought a court order directing Serba Dinamik to complete the SIR with E&Y or in the event of EY's premature resignation or its termination, the court orders the company to appoint an independent reviewer with international affiliation within 14 markets days for the SIR to be completed."

There are 2 observations to this intriguing statement.

Firstly, Bursa gives the 2 options, either to complete the SIR with EY and not.

In the event that the SIR is completed with EY, why does it need to be completed? Disclosure of the Factual Findings Update (FFU) means that it should be taken as final as its findings and conclusions are accurate, complete and factual.

Does completion of the SIR change the Factual Findings Update outcome in some way?

In the event that the SIR would not be completed by EY, which is what Serba Dinamik has been pursuing, does this mean that Bursa is of the opinion that the EY SIR in whatever status of completion cannot be relied upon? If so, why is it then that the Factual Findings Update be deemed material and relied upon then?

Is this a redemption for Bursa for the way the SIR proceeded with questionable procedural, eventual decisions and execution previously?

Secondly, Serba Dinamik is expected to appoint an independent reviewer with international affiliation. The quickest way and humanly possible way is with Nexia. After all, Nexia is conducting the audit for FY20/21 and would be the logical candidate to investigate what is being currently audited. If so, the SIR can be part of the Auditor's Statement for FY20/21.

Is this an olive branch given to Serba Dinamik to resolve this the quickest and more importantly, with ultimate independence, assurance and credibility?

p.s. Please circulate to the Telegram/Whatsapp group and forums. Thanks.
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Bursa, EY and The Edge - The number is seen but cannot be seen otherwise
By Pearlwhite 2nd December 2021, 6.50PM (updated 3rd December 2021, 9.45AM)

That’s right, RM1.438 billion of audit discrepancies that cannot be verified. What could that RM1.438 billion be? What does it consist of?

We now know for sure it must be verified at its physical place and location outside of Malaysia (see below for commentary from CEO Karim Abdullah). This is crucial for two reasons:

Firstly, the discrepancies of up to RM3 billion that were resolved are within Malaysian borders. Moreover, some of the RM3 billion of resolved discrepancies were related to companies which had KPMG as their external auditor.

Secondly, this is huge setback for market speculation of fictional contracts, revenue, receivables, vendors, assets and stocks since auditors do not commence with site visits unless and until after documentations and signed confirmations have been audited.

So why would physical place and location verification be so important then? Physical sighting as auditors calls it, is important because it confirms “existence”. Existence is the objective reality or being visible to our eyes. Existence is what gives credibility and legitimacy to the to what are stated in the financial statements.

If existence cannot be verified, whatever that is stated in the financial statements can be fictional, no matter the documentation and signed confirmations. For all you know, when its fictional, it may well be a signed confirmation from a monkey, is a typical auditor joke.

Areas that require sighting includes assets, customer and vendor premises and stocks.

So far, SD has given all co-operation and assistance needed to expedite the completion of the SIR. However, if the parties involved are un-willing to cross Malaysia’s borders, then RM1.438 billion will forever be seen but cannot be seen otherwise.

So, with the documentations and signed confirmations in file, let’s go sightseeing and photograph the places of interests.

Serba Dinamik’s special audit review facing ‘operational matters’
Wednesday, October 27th, 2021 at Markets | News
https://themalaysianreserve.com/2021/10/27/serba-dinamiks-special-audit-review-facing-operational-matters/

“Hopefully the easing of standard operating procedures on Covid-19 restrictions in different countries can help to expedite the verification process. It depends on agreement or cooperation of all parties involved,” he told The Malaysian Reserve when asked about the date the group will be able to announce the findings.

p.s. Please circulate to the Telegram/Whatsapp group and forums. Thanks.
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Bursa, EY and The Edge - The number is seen but cannot be seen otherwise
By Pearlwhite 2nd December 2021, 6.50PM

That’s right, RM1.438 billion of audit discrepancies that cannot be verified. What could that RM1.438 billion be? What does it consist of?

We now know for sure it must be verified at its physical place and location wherever it is. That physical place and location would be outside of Malaysia as disclosed by CEO Karim Abdullah.

Auditors will not conduct site visits unless and until documentations and signed confirmations are done with. This is huge setback for market talk of fictional revenue, receivables, vendors and stocks since auditors do not conduct site visits unless and until after documentations and signed confirmations are verified.

This disclosure by CEO Karim Abdullah is important as the discrepancies of up to RM3 billion that were resolved were within the Malaysian borders. Moreover, some of the RM3 billion of resolved discrepancies were related to companies which had KPMG as their external auditor.

So why would physical place and location verification be so important then? Despite all the documentations and signed confirmations that is had, such physical sighting as auditors calls it, is important because it confirms “existence”. Existence has the objective reality or being visible to our eyes.

Existence is what gives credibility and legitimacy to the to what are stated in the financial statements.

If existence cannot be verified, whatever that is stated in the financial statements can be fictional, no matter the paper and signed confirmations. For all you know, when its fictional, it may well be signed confirmation from a monkey.

Areas that require sighting includes assets, customer and vendor premises and stocks.

So, with the documentations and signed confirmations in file, let’s go sightseeing and photograph the places of interests.

Serba Dinamik’s special audit review facing ‘operational matters’
Wednesday, October 27th, 2021 at Markets | News
https://themalaysianreserve.com/2021/10/27/serba-dinamiks-special-audit-review-facing-operational-matters/

“Hopefully the easing of standard operating procedures on Covid-19 restrictions in different countries can help to expedite the verification process. It depends on agreement or cooperation of all parties involved,” he told The Malaysian Reserve when asked about the date the group will be able to announce the findings.

p.s. Please circulate to the Telegram/Whatsapp group and forums. Thanks.
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Just a reminder when you forward the messages, that the internet links are abbreviated in klsei3,

You have to make sure that the link is working by opening it in the browser 1st and copy it from there.

Thanks.
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Serba Dinamik – A look at the truth from a distance (Part 2)

Fourthly, in SD’s legal battle with KPMG is looking more likely to succeed given that up to RM3 billion audit discrepancies have been resolved and RM1.438 remains work in progress (refer third insight).

Serba to sue external auditor for a “sum not small but astronomical”
By Cheah Chor Sooi 06/22/2021 in Markets
https://focusmalaysia.my/serba-to-sue-external-auditor-for-a-sum-not-small-but-astronomical/
“As a result, the company (Serba Dinamik) has taken a big hit for something which is not its fault. There is a dire need to seek justice for the company whose reputation has been dragged down (so low),”

Finally, in hindsight, SD has suffered reputational damage from this on-going saga. Given the fact that Securities Commission Malaysia (“SC”) has just initiated its own investigation, despite having seized documents from various SD premises on 18th May 2021, does this also mean SC will issue its own report to validate a completed SIR? What is SC’s response to the RM3 billion that have been resolved?

SC says Serba Dinamik probe ongoing
Adam Aziz November 12, 2021 08:33 am +08
https://www.theedgemarkets.com/article/sc-says-serba-dinamik-probe-ongoing-backs-ey-special-review

“The regulator assures the investing public that it has made progress on its investigation and additional resources have been added to the team to ensure the investigation is completed in a timely manner. “


Conclusion
A lot has happened and clearly, even with the conclusion of the SIR, there will be definitely a review on the existing regulations and ways to improve on its efficiency and execution.

That said, SD is on track to redeem itself for continuously telling the truth, both in and outside the courts.

p.s. Please circulate to the Telegram/Whatsapp group and forums. Thanks.
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Serba Dinamik – A look at the truth from a distance (Part 1)

The latest announcement of Serba Dinamik’s (“SD”) financials as at 30th September 2021, provides some pretty intriguing insights to the ongoing Special Independent Review (“SIR”) saga.

Firstly, we now know that the responses from SD’s CEO in the media was the truth on the impact on its revenue and financing generating capabilities towards SD’s reputation.

We’re building back better than ever, says Serba Dinamik CEO
Imran Ariff -August 30, 2021 8:30 AM
https://www.freemalaysiatoday.com/category/nation/2021/08/30/were-building-back-better-than-ever-says-serba-dinamik-ceo/

“I would not lie to say that everything is still normal, there are banks which pulled the brakes. At the same time, there are some banks who are still continuing their support and, of course, we have partners from other parts of the world who believe in us and are convinced of our integrity and technical capabilities.

“There are some business partners … they were not happy and they have actually stopped the collaborations or business ventures we had agreed on, but we have mitigated that with other options and alternatives, and as a result of that, I would say it is still a situation that is manageable.”

Secondly, this had led to the necessary re-structuring of SD in order to mitigate the situation.

New internal organisation structure at Serba to firm up biz operations
By Cheah Chor Sooi 10/01/2021 in Featured, Markets
https://focusmalaysia.my/new-internal-organisation-structure-at-serba-to-firm-up-biz-operations/

“This follows a realignment exercise of the group’s organisational chart by its board of directors and top management to ensure a more effective global operation which will ultimately enable the group to continue delivering its shareholder’s mandate.”

Thirdly, with the now audit discrepancies which are not finalised amounting to RM1.438 billion, (refer : The Edge’s “Bursa’s suits sheds more light on Serba Dinamik’s financials” - 29th November 2021), there was no mention that up to RM3 billion worth of audit discrepancies were resolved and why RM1.438 billion remains unresolved. However, in Bursa Outstanding Summons,

"It also sought a court order directing Serba Dinamik to complete the SIR with E&Y or in the event of EY's premature resignation or its termination, the court orders the company to appoint an independent reviewer with international affiliation within 14 markets days for the SIR to be completed."

There are 2 parts to this intriguing statement.

Firstly, in the event that the SIR would not be completed by EY, which is what Serba Dinamik has been pursuing, does this mean that Bursa is of the opinion that the EY SIR in whatever status of completion cannot be relied upon? If so, why is it then that the Factual Findings Update be deemed material and relied upon then?

Is this a redemption for Bursa for the way the SIR proceeded with questionable procedural, execution and decisions previously?

Secondly, Serba Dinamik is expected to appoint an independent reviewer with international affiliation. The quickest way and humanly possible way is with Nexia. After all, Nexia is conducting the audit for FY20/21 and would be the logical candidate to investigate what is being currently audited. If so, the SIR can be part of the Auditor's Statement for FY20/21.

Is this a lifeline given to Serba Dinamik to resolve this the quickest and more importantly, with ultimate independence, assurance and credibility?

Serba’s head honcho denies RM4.5 bil audit discrepancies.
By Cheah Chor Sooi 08/02/2021 in Featured, Markets
https://focusmalaysia.my/serbas-head-honcho-denies-rm4-5-bil-audit-discrepancies/

““Everyone has read the information wrongly; the RM4.54 bil consists of items that shouldn’t be added together. You cannot add costs and revenue together which is how the figure has been derived. This goes against financial literacy,” he was quoted as telling the Free Malaysia Today (FMT) portal.

“Perhaps, people are intentionally trying to sabotage us by exaggerating the numbers. We are not ruling this out.”

p.s. Please circulate to the Telegram/Whatsapp group and forums. Thanks.
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Bursa and TheEdge : Is this auditing standards and is it really good for the capital markets?
By Pearlwhite
30th November, 2021 9.45AM (Updated 30th November 2021 6.40PM)

The revelations made by The Edge in its feature length coverage on 29th November 2021 entitled “Bursa’s suits sheds more light on Serba Dinamik’s financials” is really worth a read.

So much so, that the only addition to what is already mainstream knowledge in the entire coverage was the following, apart from highlighting EY’s one sentence finding in the four areas,

“EY Consulting’s findings update recorded in the court documents highlight the same concerns that KPMG had over the company’s transactions. The Company 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.”

Recaps are definitely a good way to reinforce how serious EY Consulting’s findings are. For the list KPMG’s findings previously, here it is.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3162085

https://www.theedgemarkets.com/article/kpmg-raised-audit-issues-transactions-involving-over-rm3-billion-says-serba-dinamik. This involved RM3 billion of transactions with audit issues excluding trade/non-trade receivables.

https://themalaysianreserve.com/2021/10/27/serba-dinamiks-special-audit-review-facing-operational-matters. This involved more than RM3.5 billion of transactions with audit issues.

Note that the KPMG raised audit issues transactions of RM3 billion excludes Trade and Non-Trade Receivables. With its inclusion, the estimated amount is more than RM3.5 billion, in some cases estimated to be up to RM4.5 billion.

There are three observations arising from this.

Firstly, if EY’s findings concur with KPMG’s findings in its entirety, why are the findings called “Factual Findings Update”? Shouldn’t it be the “Conclusion”? After all, a conclusion is when there is beyond reasonable doubt that the findings do not contain any questionable facts and hence cannot be challenged.

Secondly, since EY's findings all concur with KPMG's finding, why is the impact now RM1.438 billion? It is lower than the RM3 billion to RM4.5 billion than previously thought. Are there any explanations for this revised value?

Finally, EY’s opinion that the impact is RM1.438 billion and not more than RM3.5 billion (and possibly up to RM4.5 billion) as previously reported. Does this mean RM2 billion to RM3 billion worth of transactions have been resolved? This is in fact a good progress, since 57% up to 67% of the contentious value respectively has been cleared.

In a nutshell, given these three observations, it is evident that EY’s SIR, albeit still work in progress, had managed to resolve up to RM3 billion worth of transactions. The balance of RM1.438 billion needs to have further audit verification works to be done in order to conclusively close the matter at hand.

When RM1.438 billion is disclaimed against any reliance place on it, it is thus reasonable to have it resolved prior to disclosure even if EY's stands by its work and Bursa stands by it opinion.

p.s. Please circulate to the Telegram/Whatsapp group and forums. Thanks.
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Bursa and TheEdge : Is this auditing standards and is it really good for the capital markets?
By Pearlwhite
30th November, 2021 9.45AM

The revelations made by The Edge in is feature length coverage on 29th November 2021 entitled “Bursa’s suits sheds more light on Serba Dinamik’s financials” is really worth a read.

So much so, that the only addition to what is already mainstream knowledge in the entire coverage was the following, apart from highlighting EY’s one sentence finding in the four areas,

“EY Consulting’s findings update recorded in the court documents highlight the same concerns that KPMG had over the company’s transactions. The Company 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.”

Recaps are definitely a good way to reinforce how serious EY Consulting’s findings are. For the list KPMG’s findings previously, here it is.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3162085

https://www.theedgemarkets.com/article/kpmg-raised-audit-issues-transactions-involving-over-rm3-billion-says-serba-dinamik. This involved RM3 billion of transactions with audit issues excluding trade/non-trade receivables.

https://themalaysianreserve.com/2021/10/27/serba-dinamiks-special-audit-review-facing-operational-matters. This involved more than RM3.5 billion of transactions with audit issues.

Note that the KPMG raised audit issues transactions of RM3 billion excludes Trade and Non-Trade Receivables. With its inclusion, the estimated amount is more than RM3.5 billion, in some cases estimated to be up to RM4.5 billion.

There are three concerns arising from this

Firstly, if EY’s findings concur with KPMG’s findings in its entirety, why are the findings called “Factual Findings Update”? Shouldn’t it be the “Conclusion”? After all, a conclusion is when there is beyond reasonable doubt that the findings do not contain any questionable facts and hence cannot be challenged.

Secondly, since EY's findings all concur with KPMG's finding, why is it that the impact now RM1.458 billion?

Finally, EY’s opinion that the impact is RM1.438 billion and not more than RM3.5 billion (and possibly up to RM4.5 billion) as previously reported. Does this mean RM2 billion to RM3 billion worth of transactions have been classified as not being audit issue anymore? This is in fact a good progress, since 57% up to 67% of the contentious value has been cleared.

In a nutshell, given these three concerns, it is evident that EY’s SIR, albeit still work in progress, had managed to clear possibly up to RM3 billion of transactions. The balance of RM1.458 billion needs to have further audit verification works done in order to conclusively close the matter at hand.

p.s. Please circulate to the Telegram/Whatsapp group and forums. Thanks.
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Note : Status the same @1st November 2021. Key focus is to disclose items before 31st December 2021 (previously 30th November 2021).

@29th November 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.
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I read through the whole article. Kudos to TheEdge for this piece of great work.

I will let you all read it many times and I will respond in due time, maybe tomorrow.

In the meantime, please share your thoughts on this. Happy roasting Serba Dinamik.

Remember the advice : "Piss straight at your target otherwise you will not be taken seriously"


OldWiseMan100 SIR not yet out but Bursa filed a court order together with KPMG and EY's report. TheEdge went and look up EY's report since it is made public by the court, and it is bad bad bad news.

https://ibb.co/6r4zGRV

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Investorking and his team, thank you for publicly stating your support.

Btw, have you figured out why I am posting about Armada and Serba Dinamik is not for investors and shorties?

InvestorKING To all the REAL investors here, don't be panicked, cold eye sifu Mr Fong,he is already getting ready 30m facility to buy this stock tickets, plus kyy also (kyy don't know how much he will invest), and maybe few More taiko, what's for you all worried? I myself also standby to Buy 5mil shares once suspension is lifted,hope can collect as much as possible around 0.30 to 0.35. shorties please keep shorting please.................

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Bursa : Is it an olive branch, redemption or a little of both
By PearlWhite
28th November 2021, 9.00AM (Updated : 29th November 2021 8.40AM)

What is of intrigue is the following, taken from TheEdge,

https://www.theedgemarkets.com/article/why-bursa-sought-serba-dinamik-...

"It also sought a court order directing Serba Dinamik to complete the SIR with E&Y or in the event of EY's premature resignation or its termination, the court orders the company to appoint an independent reviewer with international affiliation within 14 markets days for the SIR to be completed."

There are 2 parts to this intriguing statement.

Firstly, Bursa gives the 2 options, either to complete the SIR with EY and not.

In the event that the SIR is completed with EY, why does it need to be completed? Disclosure of the Factual Findings Update (FFU) means that it should be taken as final as its findings and conclusions are accurate, complete and factual.

Does completion of the SIR change the Factual Findings Update outcome in some way?

In the event that the SIR would not be completed by EY, which is what Serba Dinamik has been pursuing, does this mean that Bursa is of the opinion that the EY SIR in whatever status of completion cannot be relied upon? If so, why is it then that the Factual Findings Update be deemed material and relied upon then?

Is this a redemption for Bursa for the way the SIR proceeded with questionable procedural, eventual decisions and execution previously?

Secondly, Serba Dinamik is expected to appoint an independent reviewer with international affiliation. The quickest way and humanly possible way is with Nexia. After all, Nexia is conducting the audit for FY20/21 and would be the logical candidate to investigate what is being currently audited. If so, the SIR can be part of the Auditor's Statement for FY20/21.

Is this an olive branch given to Serba Dinamik to resolve this the quickest and more importantly, with ultimate independence, assurance and credibility?

I certainly see it as a little of both.
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p.s. Please circulate to the Telegram/Whatsapp group and forums. Thanks.
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You know when the mob has arrived.

You make 1 post, comes 50 from them.

Triggered and offended.
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How dare you!
By Pearlwhite
28th November 2021 6.55PM

In today's trial by media by the wokes, it is something not for the faint hearted to stand up against the radicals.

After all, when "How dare you?" and "I am offended" comes along, the triggered mob of radicals comes to cancel your voice.

Here is a perfect example where klsei3.investor.com, being a forum for balanced and unbiased view, having one of it's contributing articles being roasted for just having factual observed deduction of the actions from the regulator and the media.

https://klse.i3investor.com/blogs/SDvsBursa/2021-11-27-story-h1594679201-Serba_Dinamik_zero_professionalism_from_Bursa.jsp

But like all human behaviours which have been documented from time immemorial, we all know where that ends.

Marvel learnt the hard way for defending husband beater Amber Heard despite the facts of the decisions of the US court cases and Australian Senate. Marvel's newest and latest iterations of it continuing box office characters have met with and will meet with low interest and eventually low ticket sales.

People eventually see through the lies and false narratives.

When the facts eventually come out, there will an out-pour of relief from the silent majority and the eventual silence from the loud minority.
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Post removed.Why?

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By PearlWhite
28th November 2021, 9.00AM

Bursa : Is it a lifeline, redemption or a little of both

What is of intrigue is the following, taken from TheEdge,

https://www.theedgemarkets.com/article/why-bursa-sought-serba-dinamik-be-compelled-make-public-announcement-independent-review

"It also sought a court order directing Serba Dinamik to complete the SIR with E&Y or in the event of EY's premature resignation or its termination, the court orders the company to appoint an independent reviewer with international affiliation within 14 markets days for the SIR to be completed."

There are 2 parts to this intriguing statement.

Firstly, in the event that the SIR would not be completed by EY, which is what Serba Dinamik has been pursuing, does this mean that Bursa is of the opinion that the EY SIR in whatever status of completion cannot be relied upon? If so, why is it then that the Factual Findings Update be deemed material and relied upon then?

Is this a redemption for Bursa for the way the SIR proceeded with questionable procedural, execution and decisions previously?

Secondly, Serba Dinamik is expected to appoint an independent reviewer with international affiliation. The quickest way and humanly possible way is with Nexia. After all, Nexia is conducting the audit for FY20/21 and would be the logical candidate to investigate what is being currently audited. If so, the SIR can be part of the Auditor's Statement for FY20/21.

Is this a lifeline given to Serba Dinamik to resolve this the quickest and more importantly, with ultimate independence, assurance and credibility?

I certainly see it as a little of both.
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p.s. Please circulate to the Telegram/Whatsapp group and forums. Thanks.

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Reality check, nobody cares about retail and shorties. Not even some sharks from AK's POV.

That issue really got them by surprise and even escaped the eyes of UT and BAB corp. finance team. Even Gee Keong was caught off guard.

Spend to much time playing excel, this is what happens.

Leon was incompetent and I am glad they sacked him. And I won't blame Pierre as he has always been a project finance manager, not a CFO.

If it wasn't for me showing them BAB's analyses and risks, do you think it will go up to 50 sen? I am sure, after they saw my presentation, they went all out sort it out. I will not let some failure destroy something that went from USD200m to USD5b at its peak.

You can think it as me returning the favour to Chan Chee Beng.

So, what are my intentions for SD? Definately nothing to do with retail and shorties.
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InvestorKING Pearl white, don't tell me you are from epf people?
Last time in armada,you conning shorties to short, and induced retailers to sell cheap cheap, but price went up from 0.15 to 0.50++

Now you are here in SD inducing shorties to short More.

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@InvestorKing, have you figured it out yet on this?

Nov 19, 2021 12:37 PM

Pearl white, actually I still don't understand why are you here? Because when you were at bumi armada, when price range around 0.15 to 0.20, that time you kept giving negative feedback about bumi Armada by saying Armada not able to settle all his debts. But price of armada surged from 0.20 to 0.50+

But now you are here SD, even though you never talked bad about SD, but you got give some seducing points to seduce shorties to short here,what's your intentions here actually?
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FYI, on the outstanding matters on SIR. Something I shed light into last month. Please circulate to the telegram and whatsapp group.

** The company again reiterated that the report in its current state “is still very much work-in-progress with many items still pending and inconclusive”. **

https://focusmalaysia.my/serba-theres-no-cover-up-were-only-acting-in-our-stakeholders-best-interest/

Oct 26, 2021 7:18 PM

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.

Hope this helps.
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Due to the resignation of 2 INEDs in protest to Bursa's attempt to subvert the completion of the Special Independent Review, there is a change in the Key Actions Plans of Serba Dinamik disclosure date. All others remain the same.

Note : Status the same @1st November 2021. Key focus is to disclose items before 31st December 2021 (previously 30th November 2021).

@25th November 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.

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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.
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SD is still waiting for the OS from Bursa to be served to SD.

Where is it?.

Will TheEdge every report it? Or was it a trigger happy media release?
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Don't worry. That will change. Going forward, we may see MMLR and CSMA be made more robust.

As an example, (apart from Scomi, Genting etc),

Mavcom already media released that if AAX doesn't refund to passengers, then it will terminate its operating license.

Where is Bursa's concept of material facts when there is no formal disclosure from AAX to Mavcom's directive? Even at 5 sen, its still $$ to investors.


Jkoay no wonder our Index keep going South b'cos investors have no confidence in our market. Too much fraud and corruption. much

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From TheEdge's sifu to Jose Barack about good journalism and/or investigative work. Piss straight at your target, otherwise you will not be taken seriously.

If it was disclosed that ABC Sdn Bhd (or ABC Middle East Limited) contributed to SD's revenue, then to get a definitive proof that these companies exists is to go and retrieve documents from SSM e-info or SSM scanned documents for ABC Sdn Bhd. For the ABC Middle East Ltd, get it from the SSM equivalent body of that country.

Internet is not the definitive authority for evidence while government statutory bodies are.

With that out of the way, then go view the register of directors meeting to sight the contracts for legal and financial arrangements at the registered office.

Then you know if all these companies and their respective financial and legal arrangements are fake.

Legwork is important.
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Then go ask TheEdge. They know who the buyers (yes, more than 1) are. The whole business news industry knows it. Alex Goh knows who they are.

Give them a call.

IronShirt We have been aware and would officially state that we will deny and prevent the hostile takeover of Serba Dinamik Berhad through guerilla tactics.
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Really like what is said but just pleasantries...First has to check whether SB's books are Not
empty Biscuit Tin...sounds nice but could be empty....Last IB Public Bank already leaped from
KLCC, maybe in intensive care ICU considering PB also support AAX ( 23 Billion in Debt )
26/11/2021 10:43 AM