.
Now SD has made monumental strides in finalising the SIR, in the process of re-rating and furnishing AR 2020 and QR 30/9/2021 on time, lets focus on the next issue of

"Should SD consider KPMG's proposal to settle the legal action undertaken by SD?"

What would you advise SD to do?

a) Proceed with the claim of RM4billion + through the courts
b) Enter into discussions for a financial settlement favourable to SD
c) Give a KPMG a slap in the wrist and let bygones be bygones.

You can assume that the results of the SIR has no impact on the previous QRs and the upcoming AR.

Share your thoughts.

Thanks.
.

.
So, as it stands, (still accumulating more in the mean time wherever possible).

With changes in plans due to recent developments (with bonus surprises to awe the market),

Mutual Funds' Plan (Already executed and waiting)
Bought 500,000,000 SD shares at 31 - 35 sen. = RM165,000,000.00
Plan to sell 500,000,000 SD shares at RM2.50 = RM1,250,000,000.00
Profit RM1,085,000,000.00.

Early birds' plan (Already executed and waiting)
Bought 5,000,000 SD shares at 31 sen. = RM1,550,000.00
Plan to sell 5,000,000 SD shares at RM2.50 = RM12,500,000.00
Profit RM10,950,000.00.

Late comers' plan. (Those of you still thinking about it)
TOO LATE FOR YA'ALL. Decide on your own.

Advise from operators : Play cash, what you can afford to lose and wait for 1st prize (RM2.50).

No contra or credit terms.
.

.
A monumental and morale boosting achievement by SD. Re-rating agencies together with the consortium of financiers / fund managers / assets managers, have agreed that re-rating process can proceed. Well done SD!

@1st 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.
.

.
1) Verification of Work done
2) Assets/ Stock verification

All others resolved, per my example. Refer to my chat history on "in-conclusive". Why did Bursa initiate the "change"?


EmperorFund My sources had updated me that the the initial compromise had changed....There is at least 2 unresolved issues in the SIR...Dunno how true is it...

.
Fortunately, Pearlwhite is always well ahead of TheEdge, who is only interested in the dirty laundry of SD.

Stock: [SERBADK]: SERBA DINAMIK HOLDINGS BHD

Oct 28, 2021 2:42 PM | Report Abuse

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.
.

.
Yeap, 80% of your silence is not golden! Don't be stuck.


Frankly Speaking: When silence is not golden

https://www.theedgemarkets.com/article/frankly-speaking-when-silence-not-golden

The ongoing dispute between Bursa Malaysia and Serba Dinamik Holdings Bhd on the release of certain information related to a Special Independent Review (SIR) to look into the accounts of the company for the financial year ended June 2021 does not seem to have a solution.

Bursa, being the regulator of listed companies, contends that the independent directors have with them material information on the factual findings update (FFU) related to the SIR that the company should disclose to the public.

Serba, on the other hand, contends that the information given to the independent directors is not material and the regulator cannot compel it to disclose the information while the review is still ongoing.

Although Bursa is the frontline regulator, the overriding authority for capital markets is the Securities Commission Malaysia (SC). It has wide-ranging powers to act in the interests of shareholders and other participants of the capital markets.

The Capital Markets and Services Act (CMSA) provides the SC with the authority to compel companies to disclose information. It can seize the books of listed companies or any other documents that it sees fit.

So far, the SC has been rather quiet on the dispute between Serba and Bursa.

What Bursa has done is to suspend the trading of Serba’s shares and warrants. But the suspension of the stock is obviously not the solution to timely release of material information. To resolve the deadlock, the SC would have to step in at some point.

.

.
Here is some motivation for those 80% who have suddenly vanished. A little therapy to get things going.

A feel a little...
A little bit like I failed...
I am watching all my friends move on with their lives...
And they are all moving forward...
And it's like I'm stuck here...
Standing still...

https://www.tiktok.com/@_kbaybayy_/video/7014220266830056710?lang=en&is_copy_url=0&is_from_webapp=v1&sender_device=pc&sender_web_id=7025406852508026370.
.

.
The next update for SD's key actions will be next Monday. Much progress have been made and is a great morale booster for the great work that people at SD has done.

Stay tuned.
.

.
Actually, those who hold have always been moving on and looking forward planning and executing for the future. They have been executing SD's Key Actions.

The 80% here have always been fixated with the past i.e. KPMG issues, QR 31/3/2021, QR30/6/2021, disclosure of details of old contract awards etc.

Hope this helps.


Ppmaster This sb counter mostly is gone case, game over. Who bought this counter jus move on.

.
To be honest, the SIR doesn't really matter anymore. Because, SD can release the Annual Report 2020 now if they want.

What this means is that Nexia has given their opinion on the FS for 2020.

The only saving grace for Bursa/EY, is for them to make sure that all their findings are correct and is consistent with the Nexia's opinion.

The so-called updated on 30th September 2021 strongly suggests that the conclusions are consistent with Nexia's opinion.

However, asking more clarifications from SD is very prudent of them, just in case if anyone questions and does not accept the conclusions of the SIR in future (which I am sure will be many and represents 80% of the participants here) and decides to make complaints to the authorities and/or take legal action.


Markable Yes, EY also mentioned there is few more "issue" need further clarify and surely it need more time, and SD boss wanted to uplift the suspension asap to avoid further "market untrust" of SD share.

Personally thinking, releasing SIR much much more important and gain back the trust from market. I no want everyday guessing this and that, tired.
30/10/2021 8:14 AM

.
In a nutshell, those who are not SD's stakeholders will be ignored.

And that includes a select group I mentioned in SD's key actions. A formulae that has proven to work for AA.
.

.
https://themalaysianreserve.com/2021/10/29/serba-dinamik-says-it-will-continue-to-execute-agreed-contracts/

Serba Dinamik says it will continue to execute agreed contracts

by PRIYA VASU

Serba Dinamik Holdings Bhd has reassured its stakeholders that its trading suspension will not affect its ongoing engagements.

In a statement today the group said it guarantees commitment to provide impeccable service and will continue to do its best in fulfilling all contracts, agreements and arrangements as agreed.

“We understand your concern regarding this matter, and our Board of Directors, together with key senior management, would like to reassure our stakeholders that all our ongoing engagements will not be affected. We guarantee our commitment to provide impeccable service as we always have and will continue to do our best in fulfilling all our contracts, agreements and/or arrangements as agreed, respectively,” the group’s corporate communication department said in the statement.

The group also assured stakeholders that the Board is currently communicating with Bursa Malaysia Securities Berhad, Ernst & Young Consulting Sdn Bhd and other relevant authorities to resolve the issue.

“Serba Dinamik and its subsidiaries would like to extend our gratitude for your patience and diligence in this matter. The Board will make a further announcement on progress updates and related matters accordingly,

“Rest assured, Serba Dinamik prioritizes the well-being of its shareholders, clients and partners and is looking to put the arduous matters to bed,”’ it added.

Bursa Malaysia had suspended the trading of Serba Dinamik shares and issued a directive to the company regarding the status of the company’ special independent review (SIR) report last Friday.

The market regulator, in a statement last week, directed Serba Dinamik to make an announcement on the findings from the Factual Findings update (FFU) by Oct 26, 2021.

However Serba Dinamik was unable to meet Bursa Malaysia’s deadline to announce the findings of the SI) as the audit process remains in progress.

The suspension on the trading of Serba Dinamik’s shares remains in effect.

On Oct 25 Serba Dinamik in a Bursa filing said that EY was still in the midst of performing the SIR.
.

.
Did anyone ask the question if SD was able to publish it's AR2020 today, 29th October 2021?

SD already have the AR2020 done clue is here.

"The task of the SIR is to arrive at a conclusion as to what should be on the financial statements and what value could fairly be stated on the financial statements. On Oct 21, EY did not suggest that they were in a position do so."

https://www.nst.com.my/business/2021/10/739774/premature-release-serba...

They just want to make sure SIR doesn't change those numbers. Wip SIR is not accepted since third parties may use it against SD and say Nexia work still Wip, whilist giving true and fair view opinion.

.

.
Track record is so important until our G minister had no choice but to say this.

Govt has no power to remove 50sen commission charge on Astro bill payments at post offices, says Annuar.

https://www.thestar.com.my/news/nation/2021/10/28/govt-has-no-power-to-force-astro-to-forgo-50sen-commission-charge-on-bill-payments-at-post-offices-says-annuar

The klsei3 investor activism really after so long of proofs and analyses, can't even get AA to buckle and yet screw ticket holders plus go up to RM1.30.

Now AA got another reason to act with impunity. Useless activists.
.

.
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.
.

.
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.

.
Mon 11/10/2021 11:38 AM
[Case:SC2021-23xxx] Serba Dinamik Section 176 of CMSA - Stock Market Manipulation
Dear Sir,

Reference is made to the above matter.

Please be informed that your complaint has been reviewed by Securities Commission Malaysia (SC).

The matter has been escalated for further action, consideration was given to a range of factors, and action will be taken accordingly.

Please quote the above reference number in any future communications. In the meantime, you may contact us at 03-6204 8999.

Thank you.

Case Officer

Consumer & Investor Office
Securities Commission Malaysia

/rm
==============
[Case:SC2021-23xxx] Serba Dinamik Section 176 of CMSA - Stock Market Manipulation
Dear Sir,

We acknowledge receipt of your email dated 13 September 2021.

Your case has been registered as Case Reference SC2021-23xxx. Please quote this number for future communications. We will review the issue raised and will take appropriate action should it discloses any breaches of our laws or guidelines.

In the meanwhile, you may contact us at 03-6204 8999.

Thank you

Kind regards,

Consumer & Investor Office
Securities Commission Malaysia
.

.
I wish to highlight that whatever stock price that is happening wrt. SD, Scib and Kpower, is being addressed in

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

Situations like this will never happen again once over.

However, this re-organisation of shareholdings and setup will require time.

Take Note.
.

.
Good update happening next Monday. A couple of boxes checked this week, will see significant progress.


@25th October 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. Sessions went well and is promising.
- Meeting with current financiers. Sessions went well and is promising.

=====================================================================
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.
.

.
Good to see klsei3 4 heavenly kings "leno, siokar, sslee, psai3alert". Also stockraider checked in.

So much participation from SD fans, from 5am to 1am daily. So high traffic.

Especially so when there are no negative news of SD, 80% of them disappear. Leaving the 20%. But this 20% rain or shine for SD, are still around.

Good signal for SD/SCIB/Kpower share prices given that all their negatively is 100% inversely correlated with share price (sooner or later) from their track record in other stocks.

Applause, applause. Keep up the good work.

Don't run away so fast ya......
.

.
Here is a piece that will get the 80% all riled up with rabies.

Quote

An analyst, who does not want to be named, expects the outcome of the special independent review to not be favourable, given the long delay in producing the review within the timeframe given by Bursa Malaysia.

Unquote

https://www.thestar.com.my/business/business-news/2021/10/28/no-end-to-suspension

.

.

FYI, Operational issues as highlighted by CEO Karim are related to the sighting of work done/WIP, assets and stocks.

Do you know what in-conclusive means? Its actually good news / positive news for SD.

So I will give 2 simple examples what in-conclusive means.

1) Trade debtors/Trade Creditors (work done)
The amounts owing by debtors or amounts owing to creditors are questionable because the customer/vendor didn't respond to confirmation of balances nor offices cannot be found. Work performed cannot be verified.

Evidence for EY.
They did manage to get confirmation and 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, documentation verification, review delivery/receipt logs etc for material items can be done, 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 because

1) Only material items (in terms of value and size) can be verified.

2) The timing difference (between May and October) means that are these the same items highlighted by KPMG one might ask.

Hope this helps.
.

.
Good to see klsei3 4 heavenly kings "leno, siokar, sslee, psai3alert". Also stockraider checked in.

So much participation from SD fans, from 5am to 1am daily. So high traffic.

Especially so when there are no negative news of SD, 80% of them disappear. Leaving the 20%. But this 20% rain or shine for SD, are still around.

Good signal for SD/SCIB/Kpower share prices given that all their negatively is 100% inversely correlated with share price (sooner or later) from their track record in other stocks.

Applause, applause. Keep up the good work.
.

.
SD wont. That will be MCMC or bursa/SC job.
BAD PRESS is good advertising for SD and more people will be informed by it.

SD actually welcome them.

Lewis Lee what next ?
Karim to sue Bursa, SC, EY, independent directors, i3investor.com , leno , all forumers go against him etc .... ??? lol
27/10/2021 3:41 PM

.
Those that like talk like holier than thou in Malaysia typically stay in DAP states like Penang. Talk righteous like SOP pro. But cannot deliver one.in real life.
.

.
Sembody here did underwater degree in UKM from 1992 to 1996, end up as 3M shoplot manager.

My profiling was correct all along!
.

.
SCIB at 20sen can start buy ady.

.

.
Good to see klsei3 4 tai ting wong guys "leno, siokar, sslee, psai3alert" here...

Their track record is .....

Good signal for SD/SCIB/Kpower share prices given that all their negatively is 100% inversely correlated with share price (sooner or later).

Applause, applause
.

.
Conversely, AA naysayers probably the biggest losers in the history of bursa, jilat supreme leader kuat kuat for months only to be scammed kaw kaw.

by TF.

TROLOL
.

. Why you asking old news? Read old post la...

So, as it stands, (still accumulating more in the mean time).....

Mutual Funds' Plan (Already executed and waiting)
Bought 500,000,000 SD shares at 31 - 35 sen. = RM165,000,000.00
Plan to sell 500,000,000 SD shares at RM1.50 = RM750,000,000.00
Profit RM585,000,000.00.

Early birds' plan (Already executed and waiting)
Bought 5,000,000 SD shares at 31 sen. = RM1,550,000.00
Plan to sell 5,000,000 SD shares at RM1.00 = RM5,000,000.00
Profit RM3,450,000.00.

Late comers' plan. (Those of you still thinking about it)
Plan to buy 5,000,000 SD shares at 38 sen. = RM1,900,000.00
Plan to sell 5,000,000 SD shares at RM1.00 = RM5,000,000.00
Profit RM3,100,000.00.

The target.

Advise from operators : Play cash, what you can afford to lose and wait for 1st prize (RM1.50).

No contra or credit terms.



siaokar SD fanboys, pls come in share your realised loss.

HAHAHAHA...................

.
Here is an article that the 80% would jump in joy.

https://themalaysianreserve.com/2021/10/27/serba-dinamiks-special-audit-review-facing-operational-matters/

More exciting times in the forum.

Enjoy!
.

.
Do you know what in-conclusive means? Its actually good news / positive news for SD.

So I will give 2 simple examples what in-conclusive means.

1) Trade debtors/Trade Creditors (work done)
The amounts owing by debtors or amounts owing to creditors are questionable because the customer/vendor didn't respond to confirmation of balances nor offices cannot be found. Work performed cannot be verified.

Evidence for EY.
They did manage to get confirmation and 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, documentation verification, review delivery/receipt logs etc for material items can be done, 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 because

1) Only material items (in terms of value and size) can be verified.

2) The timing difference (between May and October) means that are these the same items highlighted by KPMG one might ask.

Hope this helps.
.

.
It good to see so much participation from SD fans. From 5am to 1am daily. So high traffic.

Especially so when there are no negative news of SD, 80% of them disappear. Leaving the 20%.

But this 20% rain or shine for SD, are still around.

BUT some even active between 1am to 5 am. Must be not able to sleep well.

Wonder how long this lasts?
.

.
The 1st half of the journey has been completed. End November 2021, will to be known to all and there will definately be a tremendous amount of disbelief to many and vindication to a few.

CEO Karim is not out to prove that he is a winner, but what he wants is justice and fairness. Hence, please be patient.

However, the work is not complete and is far from over. Some of the key actions (you can refer to my chat history) remains unchecked, so we can look forward for greater times ahead. All will be sorted in due course.

Note : TP1.00 is not CEO Karim's target.

Abdul Karim ikrar pulihkan saham Serba Dinamik

https://www.astroawani.com/berita-bisnes/abdul-karim-ikrar-pulihkan-saham-serba-dinamik-326881
.

.
They are the ones who bought at rm1.60 and forced sell 90sen. And they didn't invest when SD was 30.5sen to 54 sen to tactically reduced losses.

Now, miss all the chance and they are bitter and become damaged goods.

Others all holding and waiting only.

serbatipu Nomore kompang for serbad? Where are those 50sen supporter?
.

.
Oh by the way, recognition of revenue are generally recognised with the order of long lead items. Only when they about to arrive, land clearing and piling starts ya.
.

.
I am surprised that TheEdge didn't come up with an article on SD today with more devastating revelations.
.

.
It good to see so much participation from SD fans. From 5am to 1am daily. So high traffic.

Especially so when there are no negative news of SD, 80% of them disappear. Leaving the 20%.

But this 20% rain or shine for SD, are still around.

Wonder how long this lasts?
.

.
.
@25th October 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. Sessions went well and is promising.
- Meeting with current financiers. Sessions went well and is promising.

=====================================================================
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.

.
AR and FS that cannot be finalised is the listed entity, the holding co. Usually, the investment holding co.

What people don't realise, is again SD, SCIB, and KPower (coming soon?) can still be BAU even in suspension.

You think that it is the Berhad level signing all the contracts and all the transaction conducted with clients and vendors are there?

Subsidiaries long time already settled.

.
Do you know how many hundreds of miles in length are there in a typical topside site? Each pipe is of certain length say 10 meters, how do you verify 1 part from hundreds of miles which have been welded together and painted over?



VenFx If pipe can not be detected, what will happen if there is leaking pipe to be repaired ?

There are plenty of ways lah !

.
Just a counter check, did you cross-reference this against the Directors Meeting Records with a visit to the registered business address to especially review the project reports deliberated by the BOD?


PSAi3alert i3lurker,

There is a lag in Google Maps.

I now use data from Sentinel-2 L2A satellite that has the latest high-resolution images. To be sure, I also have photographs from many sites.


Sample low-res images of Tanzanian site here:

--- Satellite images of the Project ---

Sentinel-2 L2A satellite images of the site at Msufini Area, Mlandizi Ward, Kibaha District, Tanzania.

23-10-2018
https://ibb.co/vdZ2mj3

02-07-2019
https://ibb.co/pZN52CG

07-07-2020
https://ibb.co/CQkBtTm



i3lurker maybe psai3alert just might be able to find the father in one of those Google Maps empty land supposed to contain Serba completed plants?

anyway I keep telling psai3alert that Google Maps is a liar....
26/10/2021 5:52 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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Or you want to trade tomorrow? Fill in CDS form only. Very fast one.

How many shares you have? 100 million? To interfund, sap sap sui...

Your TP is 11sen right?

How many units you have? You can DBT your entire holdings to interfund when market open. 11 Sen okie?

Don't thank me, anytime to help you get the deal going and help you earn your comm.

Just remember to spare some change to donate to poor ya.


FSX123 In this forum, only @i3lurker seems legit. People like @interfund and @pearlwhite adalah penipu dan pembohong besar
26/10/2021 6:09 PM

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Your TP is 11sen right?

How many units you have? You can DBT your entire holdings to interfund when market open. 11 Sen okie?

Don't thank me, anytime to help you get the deal going and help you earn your comm.

Just remember to spare some change to donate to poor ya.


FSX123 In this forum, only @i3lurker seems legit. People like @interfund and @pearlwhite adalah penipu dan pembohong besar

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If all piecemeal findings are all like this, then yes, you are right. That alone will achieve SD's target.

That is why per my list on SD key actions, the offer by KPMG to resolve legal issue is still work in progress, although it is tempting to settle now.

noah https://www.nst.com.my/business/2021/10/739774/premature-release-serba-dinamiks-special-independent-review

"At the moment, everything is very much work-in-progress and in piece-meal basis, hence it's very inappropriate to release the findings which otherwise would further cloud the achievement of our target rather than to resolve the problem at hand," they said today.

this statement in the news pretty much imply how the SIR findings would be like.
26/10/2021 4:55 PM

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There you go Leno.

RedEmperor Sorry Pearlwhite EY is engaged to affirm the veracity of the financial statements not to spot fraud, after two months they are still not able to affirm, meaning that they are unable to cross match what is stated in the statements and what is on the grounds.


ǷearlꙌhite .
Cannot spot fraud after 2 months is worrying indeed.
26/10/2021 4:49 PM

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You very brave to buy scib. 40 Sen is ex-capital reduction price or not? Careful ya.

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Final SIR by Oct 2021.
AR by Nov 2021.

CEO Karim words. And since long ago, he stuck to it.

If Bursa didn't make foolish directive, we have the SIR now.
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EY shud come here and look at psi3alert's dossier.

Fraud can be spotted immediately.

i3lurker no worries

EY no conclusions

need to appoint more Audit firms to audit EY punya audit

process will take more than 20 years
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Cannot spot fraud after 2 months is worrying indeed.

RedEmperor Judging by this statement “ EY did not suggest that they were in a position do so”, it is obvious that EY is unable to verify the veracity of the financial statements. This is so elementary, a failed 1st year accounting student would have no problem deducing it.
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