Calvin, you were brave enough to admit that you were wrong about Kpower and you issued an apology and retracted your article. But does this mean you have to go so far as to promote this counter now? Nothing has changed - only your views

When an accused is questioned in Court, die die also they deny unless they are offered a way out for admitting what they have done (usually in exchange for a lesser charge).

Similarly, in a corporate or civil case, whoever did a wrong will deny and deny unless and until they are caught out during cross examination.

Luck could be on the wrong doer's side - laws could be amended, the case could drag so long that parites settle, the Judge just might see things your way.

Not saying that SD is right or wrong but waiting for the story to unfold day by day

I follow sifu OTB. Bought at 48.5 cents, 49 cents and 50.5 cents. Hope to add more tomorrow and keep till target reached. If win, is due to OTB's good advice. If lose, is my bad luck

If Alibaba or middleman involved in those deals, can the profit margin of SD still be so high? Surely these Alibabas or middleman will want a cut

@PSAi3alert No thanks, I do not accept free tickets.

I paid for my own business class airfare and lodging at the Burj.

Wow! We could only admire the Burj from the outside. If this SD debacle had happened earlier, we could have dropped by the Block 7 site and did some investigation. Btw, I also wouldn't hv accepted Karim's offer or I would feel obligated to put in a good word for SD

@PSAi3alert

Interesting. Good sleuthing but does this mean all this while KPMG has been sleeping and only recently woke up after they were sued for being negligent in their handling of 1MDB?

Yes, for 0.45 sen, I rather put my money elsewhere and enjoy good return without sacrificing a good night's sleep. I might end up earning less but I don't have to let my life be dictated by those who manage SD

@bobvic96 Isee Karim has been selling down his shares in KPower. He's offloaded 7,600,000 shares.

If we look back on the day the red flags were announced, the press statement released by Karim immediately was Kpower is not controlled by him and thar he is only the majority shareholder.

Weeks later, Karim announced that he will sell his shares in Kpower to reduce his shareholding.

Karim did this to distance himself from Kpower as SD's saga has dragged down the price of Kpower.

On the same day he sold, 2 directors of Kpower bought back an almost equal number of shares which begs the question whether Karim is still the man behind Kpower with the 2 directors as his proxies.

Up few cents fanboys cheering. This shows how difficult it is for this counter to move. And it goes up and then drop back. Pity those stuck at high prices waiting to exit. Only sharks and traders that hit and run survive

The latest QR showed a negative net cash from operating activities. And it recently disposed its property in Liverpool at a loss. It needs to exercise PP to finance its billion ringgit projects. How long can they sustain

@calvintaneng.

Mustaqim and sarah bought alot. At the same time a more or less similarly large number was sold by Karim as promised to distance himself from Kpower. Just wondering if Mustaqim and Sarah could be the proxies of Karim?

Be careful of whose comments you are following.

Some will ask to buy on 'news' that it will limit up. Some will ask you to sell but then secretly buy.

Some will go on air citing red flag but also end up buying. Some say they won't touch even if it falls to 30 cents but later they boast they have made a killing even when the lowest at that time did not reach 30 censt.

Some keep burping saying they earned alot but trace back their comments and you find that they had actually bought at a high price before the price nosedived.

Some so called sifu even blogged that books are being cooked in the 3 counters that Karim has substantial shares in but the next day removed the post and apologised and now he is asking ppl to buy Kpower.

Only few give their honest opinion be it good or bad for SD.

So trade / invest / cut loss if you want but be careful who you are listening to.

Just few weeks ago, KYY was asking investors to buy this share, that share. He even dared us to call his remisier. All of a sudden, he writes that he has cashed out. Pandemic didn't start yesterday and neither did the instability of the political situation.

Karim buying SD shares is not share buyback. Share buyback is the company buying back its own shares.

@7chewe Serba: Some progress made while awaiting other significant developments

Actually what SD has done so far is what SD should do to comply with SC

There is still no indication that SD is out of the woods yet

Kpower sells Liverpool property for RM7.2 million - The Star 9th July 2021.

(In its 2020 annual report, the property was last valued in 2018 and had a value slightly over RM8 million)

Calvintaneng, why the 180 degrees turn on your call? Just because Kpower dare to ask you to retract your article.

Does that mean when you first asked ppl to sell and say karim cooked the books you didn't do much research. And do you know if ppl have been following you and cut loss how much they would hv lost. You might not have written the article but repeating it and reposting it is just as bad and irresponsible

@hanna20
#What happened if KPMG has to pay that law suit?
Usd5.64 billion. What a big number
KUALA LUMPUR (July 9): The government of Malaysia, its Ministry of Finance Inc (MoF Inc), 1Malaysia Development Bhd (1MDB) and various subsidiaries have filed a US$5.64 billion suit against 44 partners of KPMG Malaysia during the time the firm was 1MDB’s auditors.#


That SD lawyer simply hantam the figure for damages. Who lost that amount? It's the SD shareholders who cut loss, who suffered, not SD. Shafee cited a high figure to scare KPMG thinking they will cower in fear and sign off the accounts. Who knows KPMG resigned. When this matter goes to Court everything will be out in the open. So let's see if KPMG did an error of judgment or if there is indeed something wrong with the accounts of SD provided the independent reviewer looks at the books at them time KPMG did the audit and not now when so much could have changed.

KPMG will not settle out of Court even if EY give clear call and new auditors sign the accounts. By doung so, this will mean KPMG does not know what they were doing. However, the Court might say since the accounts has been signed, the case has become academic and encourage parties to settle

All this while we are hearing SD's side of the story - the leaked files which showed how badly KPMG handled the matter, their press conferences, their replies that they did nothing wrong.

Did they tell the public they / their customers did not confirm KPMG's queries?

Did they tell us they could not confirm or show proof of the. Inventories / materials on site amounting to over rm500 million?

Did they tell us how they were unable to account for the fantastically high receivables? They didn't! And they owe a duty to the shareholders Not to give a lobsided picture of what KPMG has requested and how they hv complied with those requests.

Just ask yourselves 1 question. Why must SD do all these - virtual roadshows, reports in newspapers of the fantastic charity work they are doing / have done. If in the first place SD complied with KPMG's requesr SD wouldn't have to take this path. Just think.

Those who still think this share can go back to rm1.00 or more are either building castles in the air or for some, even living in those castles in the air

@Mabel

Sorry to dissapoint you but maybe go over to TDM - tunggu dream materialise. At least there got hope.

Wah! Looks like SD has become the global seven eleven shop - got space, got telecommunication, got O&G, got healthcare, got construction, got IT and solar. Counter of the century!

@Geek2020, if Serbadk done nothing wrong, why not hire EY in the first place. That was what KPMG had requested. Why turn one big circle and end up doing what they were supposed to do. Buying time?

###############
58. The Plaintiff further states, as noted in Paragraph 23 of this Statement of Claim, that the impasse created by the Defendant in demanding for a 3rd Party independent review was unnecessary in the circumstances and would cause adverse speculation in the market against the Plaintiff as known or ought to have been within the knowledge of the Defendant.
###

Q: Then why did SD said they appointed BDO and then E&Y?

SD could have just complied if there was nothing wrong and price would have been back to rm1.60. Now 16sen possible

Going through the other pleadings in the SOC especially that on the 11 uncontactable persons, or non existent persons, SD did not offer much assistance or any assistance

SD is just grasping at the last straws. The lawyer should hv told SD you got a weak case.

SD caused their own downfall. Maybe not SD but the one who is calling the shots in SD

Even paktua73 swing trader has left Serbadk

Kpmg will not be liable if there was an error of judgment on their part. Usually it is the shareholders who sue ditors for fraud, for negligence in carrying out their duties, not a company sueing its auditors for highlighting some issues

SD has not even engaged EY

How can SD conclude what KPMG did was wrong.

Results of findings are not out yet. Neither has SC spoken anything.

No case to answer or expect a counter claim from kpmg?

Pc just to prop up the price?

Shafee thinks he file a billion ringgit case against KPMG and matter will be settled out of Court

Conference just to tell the world they have served a writ on KPMG! How to prove damages

And why sue only KPMG? Why about Securities Commission, The Edge, bla bla bla bla bla bla

Hahaha and the lawyer himself owing taxes amounting to RM9.1 million

Also noticed that SD's contracts are mostly tripartite or goes a big full circle and ends back at SD or one of SD's major shareholders

Press conference today by Chairman? Didn't Karim say he can't say much pending results of investigation by SC?

Resigned or forced out? Normally in a sinking ship, the captain doesn't abandon ship and resignation won't help if the wrongdoing, if any, occured during your tenure. You should stay and prove them wrong

Thinking positive on a counter where most have lost their trust on it will not help.

Karim keeps denying he has an interest in block 7 and few other holdings that have dealings with Serbadk. Just google and see his face pop up. Someone did a scam on him? Does this not amount to a conflict of interest? That in itself destroyed all the trust I had in this counter.

What about his reply when asked about the companies that had paid up capital of rm100k and were dealing with contracts in the region of rm100 million? Yes, no reason not to help those VDP companies but in the region of rm100 million worth? Doesn't Serbadk have smaller parts of projects where these VDP companies can deal with before advancing to the bigger amounts? When were they incorporated? New kids in town? In the event they are sued what is the amount Serbadk ends up with? Rm100k. maximum for a rm100 million contract?

Serbadk did reply to the audit queries but were those answers adequate?

Well, it might eventuall end up as a numbers game.

1.Why does Serbadk need to justify how many projects it has bagged, how much it has made. (Same as in kpower. See their list of projects in the news today).
2. Why does Serbadk need to tell the world it has a high margin of profit - that in the regiin of 18 to 20% becuase the work it does is very specialised?
3. Why does Serbadk need to appoint more independent non-executive directors.
4. Why does Serbadk need to redesignate its Directors
All at this point of time?
When Serbadk insists that it has done nothing wrong?

Naysayers who asked people to keep off the shares but couldn't resist the itch to jump in when prices nose dived.
Shareholders who keep averaging down till prices hit a low.

Who eventually loses at the end of the day?

https://www.dandodiary.com/2020/10/articles/accounting-issues/financial-scandals-involve-ernst-young-audit-clients/

So KPMG's queries is not as easy as it looks in that another 3 INEDs have to be roped in

Be greedy when others are fearful. If you practise this on this counter, I suggest you better donate to some charity. At least you get back some tax rebate

When your yearly report is not out, what do you do? Sit and wait? Pass the buck to the other party? When my auditor requests for further documentation from me, after giving to him, I will call and follow up. It is SD's responsibility as much as it is KPMG. In fact, look at the last slide - KPMG still waiting for full set of documents and confirmation of 6 suppliers and solicitor. Based on this, has SD done all it should have done?

When has anybody who has done something wrong admitted his mistake? Deny deny deny till the truth is out. If lucky, can even get away with it. You never know how things will turn out.

Of course Awang will standby SD. He is still a director there. In fact he is glad he got margin call then no need to give reason for disposing. Karim and the other director buying to show support but just thinking, if behind the scenes huge sums changed hands what is a few millions? Peanuts

The hardware company is not computer hardware, ya, but that selling bolts and nuts and does maintenance works on machines

Initially when I saw the leaked slides it looks like KPMG botched up the whole thing and just nitpicking especially on the companies' names like LLC and L. L. C, , Limited and Ltd until the last 2 slides on receivables, materials on site which is only partially complied with. Then I went through the slides again. Each error might seem insignificant but tie them together and the whole thing sounds not right and the answers by SD is not strong.
1. Software contract given to a company that sells hardware? SD's reply: why hardware company cannot do computing job? You think that's logical? Go and look up their website. Doesn't look like designed by a sw expert. And so many software experts to choose why choose one mainly dealing with hardware.
2. Checked one of the companies, their shareholding is only rupees 100,000. In Malaysia SD says it is due to VDP program. But overseas also support foreign companies? Convert 100,000 rupees to MYR. See how much ir how little n only 2 shareholders
3. Address of one of the companies. SD said they changed their address on 1.1.2021 but did not update SSM record
...
...
You judge for yourself. Not implying anything but above are what I found

And SD's reply. We have been doing the same every year. Why now different?

Why, indeed. KPMG's doing or SD's?
KPMG can't talk due to professional confidentiality and SD said we can't tell for now.
In the end, investors lose.

The price of SD has really taken a beating. Even if Serbadk is cleared of all wrong doings, it will be hard for it to regain the price of RM1.60 looking at its huge debts and bonds some of which will be maturing in 2022.

Reading Karim's reply to The Edge, it looks like there is more than meets the eye. I don't think there is fraud or anything like that on the part of Serbadk. It goes beyond that and the public can only guess. Meanwhile, the shareholders suffer.

The Edge should be taken to task for creating fear and panic - republishing old news and now with the word "raided" thrown in. Was the office of Serbadk raided? And it further reported that some government agents might be checking on SD but not confirmed. Not confirmed and yet reported? Don't kick a person when he is down.

@ windy1974 Since paktua gonna buy at 0.60 i buy q 10 lots at 0.605 using Jetson goreng money haha.
I miss Genting. Haven't been there more than 1 year

Was it you who said if SD is good even though price is RM2.00 you will buy but if it is bad, give you 70sen also you won't toucn. So now you don't touch at 70sen, you touch at 60.5sen? Which means SD is not all that bad?

Don't think all is lost. The Independent non-executive directors have voiced their opinion. Compared to what has been in the press for the past few days, this looks abit promising

Malaysian regulator opens investigation into Serbadk - documents and records have been secured from the company to help in investigation

@shortinvestor77 you don't know how the present govt got in?