serba mainly hold by big holder and fund manager..depend fund manager believe SD explaination or not

kpower drop from1.69 to 1.31...38 sen
scib drop from 1.48 to 1.12..36 sen
serba 1.61 will drop to?

already 2 days going down, panic sell should be no more...tmr serba panic sell start

only can tahan margin call or not

same as scib..undervalue

1.31 I think the lowest la

SD management team need to review back, dont think small small mistake it ok..but sometime can kill your company...

share holder cant sleep well

KPMG loss..SD loss.. BOD win...

dont personal attack la..MD already did their jobs la...now only see investor believe who?

U sell 1.12... next day back 1.60 haha

i think still hv new project will announce soon

share value will come out itself.. maybe 2-3 mths later , kpower 2.50...

serba tmr top 10...

tmr whole market bearish.. mco ma

1.45 open tmr

after mco last yr, the lowesr around 1.48..

public mutual may dump

small cases

senior manager serba and kpmg need work together now.. solve the problem

both kpmg and serba win win

this can solve the problem faster

if possible, kpmg and serba sit down , one by one verify until solve the problem.. i think management team like karim now also worry, sure he will join the audit together to clear the doubt by auditor..

kpmg dont want sign.. how ? hang their?

at the moment, kpmg still their auditor until EGM select new auditor

tat why serba look for independent auditor to clarify.. third party to solve the argument, if not this issue never end, investor loss confidence, serba cannot submit report...

fdds still new.. dont know..

Efire and block 7, actually under serbadk..Project i think started...

Cannot direct ask

@inv3stor..
That is normal, i also join a lot investment bank zoom..that ask you write question to them first

Kpmg sure kena sack la.. but serba need to hurry up submit annual report...

Monday everbody waiting limit down

kpower project mainly malaysia, customer tenaga, government

true.. transmile case must be alert

As karim said, as long as stock fundamental is good. Just be patient, soon will back to normal once everything is clear..

That why i said both got problem.. communication error

Dato’ Karim holds a Bachelor in Mechanical Engineering from Universiti  Teknologi  Malaysia. He obtained an Honorary PhD in Industrial Engineering from InterAmerican University, USA in 2009 and a PhD in Entrepreneurship from Golden State University, USA in 2012. He is a member of the Institution of Engineers Malaysia since 1994, a registered member of the Board of Engineers Malaysia since 1996 and a member of the Asean Federation of Engineering Organisation since 2002.

@men_stock
I agreed with you, gv datuk karim a break.. not easy to run a big organization.. suddenly come out kpmg case..he also stress.. he is an engineer not accountant...

KUALA LUMPUR (May 29): Prior to substantial shareholder Datuk Abdul Kadier Sahib proposing to change the external auditor, Serba Dinamik Holdings Bhd’s board already wanted KPMG to resign, according to non-independent executive director Datuk Syed Nazim Syed Faisal. 

“The board actually requested for KPMG to resign [as the auditor did not reply promptly]. However, they have refused to do so,” said Syed Nazim, who is also the company’s chief financial officer (CFO). 

According to him, KPMG had yet to revert to Serba Dinamik’s response to the former’s queries more than three weeks ago on May 6. The auditor did not provide any direct or immediate timeline to conclude the audit.

“From our perspective, as per the request of the shareholder (Abdul Kadier), there are concerns raised with regard to our timeline of the audit progress. We believe we have addressed the issue, and the shareholder who is also on the board also takes this matter quite seriously.

“What we intend to do is to ensure the main agenda of us is to ensure the day-to-day operations are not interrupted and the audit is completed on time,” he explained at a virtual press conference today held for the company’s management to explain further the issues pertaining to the statutory audit that have been raised to the independent directors.

On Tuesday, Serba Dinamik announced to Bursa Malaysia that it wanted to commence a special independent audit after its external auditor KPMG flagged some audit issues. 

Two days later, the company’s second largest shareholder Abdul Kadier sent a notice to Serba Dinamik proposing to change the auditor without stating the rationale for the move. 

In a filing with Bursa, Serba Dinamik said KPMG had raised issues relating to sales, trade payables and material on site balances involving 11 parties which accounted for total sales transactions of RM2.32 billion, a trade receivables balance of RM652 million and materials on site balance of RM569 million.

Based on the unaudited accounts, Serba Dinamik’s receivables ballooned to RM1.865 billion as at end-2020 from RM880 million at end-2017.

Its group managing director Datuk Dr Mohd Abdul Karim Abdullah today reiterated at the press conference that the management did nothing wrong when commenting on the audit issues flagged by KPMG.

Coincidentally, Serba Dinamik has changed its financial year end to June 30, 2021 from Dec 31, 2020. This raised some eyebrows, particularly after the news of KPMG having problems verifying some suppliers and customers, as well as certain contracts.

Syed Nazim, however, explained that the change in the financial year end was to give KPMG an additional timeline to complete the audit.

He noted that the current audit process by KPMG “has been stopped to complete the independent review”.

“Due to the issues raised and the fact that the audit has been stopped to complete the independent review, this led to a slight [concern] to the shareholder itself,” Syed Nazim said.

As KPMG did not respond promptly to the management, Syed Nazim said it raises significant doubt whether the audit may not be completed in time even though we have changed our reporting year. 

When asked to elaborate on the reaction of the independent directors, Syed Nazim said: “Those discussions they had were technically private and we are not aware of what was being discussed in the session nor are we able to present what has transpired during the meeting.”

No independent director was present at the press conference. The company also did not respond to The Edge’s question on which party has initiated the independent review.

Serba Dinamik unsure why KPMG raises audit issues now

Serba Dinamik also reiterated that it has not changed its operations in a material way, aside from how the company has “taken on new customers across a few countries” in FY20.

“Of course as part of our audit procedure, KPMG will always ask questions with regards to transactions and balances,” said Syed Nazim.

Abdul Karim commented that the approach KPMG has taken this year “is a bit different” from previously. 

“Some of these (questions) go back to the due diligence that we’ve done before we got the approval for the IPO [in 2017].”

Some of the audit issues raised by KPMG were elementary, such as differences in the names or addresses of Serba Dinamik’s clients in contract and invoice documents — which Serba Dinamik explained as being administrative in nature, or were merely typing errors.

The auditor also found discrepancies in the commercial registration address of certain suppliers and customers such as housing a supermarket or labour accommodation. Serba Dinamik ’s responses included that the party had moved office, and that the auditor had visited a wrong address.

KPMG has raised five pertinent issues in relation with Serba Dinamik’s FY20 audit sales transactions, trade receivables and payables, as well as material on site balances over RM3 billion locally and overseas.

The company is in t

maybe boss win, sapu cheap tickets monday

conclusion: kpmg loss reputation, sb loss investor confidence, investor loss money...only BOD win..

no sue la.. just both reputation become no good

auditor somethime neee to listen customers problem la...dont simply judge scandal

if can sit down and discuss both management team earlier, this thing will not happening

i dont think scandal.. as long as sd can prove ...sd looks can prove

both kpmg and sb communication error ...

KUALA LUMPUR (May 29): Serba Dinamik Holdings Bhd “has done nothing wrong”, said its group managing director and chief executive officer (CEO) Datuk Dr Mohd Abdul Karim Abdullah today in clarifying the company's audit issues recently raised by its external auditor KPMG.
The company has described KPMG as acting in an “unfair” and “peculiar” manner for going straight to the company’s independent directors to address the audit issues — instead of briefing the management first.
Furthemore, the management blamed KPMG for delaying the completion of the statutory audit, which resulted in Serba Dinamik missing the audit deadline.

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“The Securities Commission [Malaysia] has their rights; Bursa Malaysia has their rights [to investigate]. Based on what we believe, we have done nothing wrong,” said Abdul Karim, who is also the single largest shareholder holding a 26.93% stake in the company, at a virtual press conference today.
He stressed that the audit issues raised by KPMG are not about genuity and it isn’t about legitimacy of contract value. 
“We are firm in the facts that we have put forward, and we strongly believe the independent firm will come out with the findings to see the differences between what we have said and what KPMG has [pointed] out,” he added.
“Based on the sequence of events, it is something that is very peculiar and abnormal.
“When these issues were found, the management by right should be the party that was addressed first. But it did not happen that way. The external auditor went to the independent directors and briefed the independent directors on the matter.
“Independent directors are not involved in day-to-day operations. They will not be able to explain those findings raised … it came to us only on May 3 towards the tail end of the year-end audit closing period,” Abdul Karim said.
KPMG first raised the issues to Serba Dinamik’s independent directors in mid-April, before the board was alerted on May 3, after which the company responded to the queries on May 6.
The virtual press conference today was conducted a day after Serba Dinamik’s second largest shareholder, Datuk Abdul Kadier Sahib, issued a notice to propose the removal of KPMG as its external auditor. Kadier, holding a 15.96% stake, is also the company’s non-independent non-executive director.
When asked whether he supports the proposal, Abdul Karim said: “It is still a decision that I will put in a vote on the day it comes.”
During the one-hour session, reporters were not allowed to raise questions directly to Abdul Karim. The media were requested to type in their questions into a chat box. Only selected questions were picked up during the press conference.
The brief was for the host to explain further its decision to conduct a special independent review of its financial accounts after its board of directors was informed by KPMG on some matters pertaining to the statutory audit

Let BDO do the audit jobs...

（吉隆坡30日讯）遭外部审计师毕马威（KPMG）质疑账目问题而闹得满城风雨的Serbadk控股（SERBADK，5279，主要板能源），特别召开线上记者会澄清毕马威提出的疑问。同时也指出毕马威直接通报法定审计事项的做法，实则不寻常。



Serbadk控股董事经理兼总执行长拿督莫哈默卡林周六（29日）临时召开线上记者会指出，毕马威针对Serbadk控股5大审计事项提出疑问。其中包括：

1.外部客户关于销售交易，应收账款和余额相关的客户确认。

2.本地供应商的采购交易和应付账款余额。

3.在西亚巴林的客户和供应商公司搜索问题。

4.贸易应收款余额和销售交易中IT合同的合法性。

5.其他未决事项

Serbadk控股总财务长阿兹汉指出，毕马威于今年4月中旬就越过Serbadk控股管理层，事先将以上法定审计事项通报给独立董事，5月3日才通报管理层。

对此卡林指出，若审计出现问题，毕马威理应先向管理层提出疑问，因此认为后者的做法其实不寻常（Abnormal）。

“而且针对毕马威提出的这5大审计事项疑问，我们早于5月6日召开了董事会议做出澄清，当时毕马威的代表也有出席，他手上也有我们这份解释的演示（presentation）文件。”

此外，毕马威历年来一直是Serbadk控股的外部审计师。当媒体询问为何早年没相关问题，如今毕马威却骤然对Serbadk控股的账目提出法定审计事项的问题时，卡林回应道：“我们也很纳闷，这一点，恐怕要问毕马威。”

但期间卡林也特别强调，毕马威的审计疑问中不存在集团所获项目的真实性，以及项目价值虚实的问题。

他指出，相关完整解释文件已于周五（28日）较晚提呈马证交所。


针对Serbadk控股建议召开特大，撤换外部审计师毕马威，卡林指出，作为管理层，他只是将股东的请求提出来。

Serbadk控股周五（28日）稍晚向马证交所报备，收到大股东兼董事拿督阿都卡迪发出的特别通告，建议根据2016年公司法令召开特别股东大会，撤换审计师。

阿兹汉指出，一般上只要股东发出特别通告，两周后就会举办特别股东大会，预计落在6月28日或29日。

阿都卡迪是Serbadk控股的股东之一，持有15.96%股权，他同时建议撤除毕马威，并委任德豪（BDO）为截至2021年6月30日财年的外部审计师。

德豪目前是全球第5大审计师，排名仅在毕马威之后。

但据小股东监督机构（MSWG）最新文告指出，该机构呼吁Serbadk控股小股东反对换审计师提案。

“作为良好监管的一部分，毕马威应该被允许完成他们的工作，并在来届股东大会向股东们作出汇报。”

该机构认为，既然Serbadk控股将委任独立审计师来评估审计通报事项的真实性和准确性，那毕马威也应该被允许出面捍卫及解释自己自己的审计结果。

“当下并没有即刻移除审计师的需要。”

许多小股民都担心该起事件会对公司股价带来崩跌冲击，对此，卡林指出他已尽力做出解释，希望可解除投资者的疑虑。同时也强调已停牌两日的Serbadk控股，周一（31日）将恢复正常交易。

针对该起事件会否重挫投资者信心，卡林指出，Serbadk控股拥有强而有力的基本面，因此相信独立审计师了解介入后，会解决相关问题。

“但是目前尚未委任独立审计师，对此仍需得到股东的议决。”

此外，对于Serbadk控股为何将财政年从2020年底改至2021年6月底，总财务长阿兹汉解释，这主要因为受疫情冲击，集团没有足够时间完成审计，故将财政年延后。

Serbadk控股是于本月7日向马证交所报备延后财年的消息。

（吉隆坡30日讯）遭外部审计师毕马威（KPMG）质疑账目问题而闹得满城风雨的Serbadk控股（SERBADK，5279，主要板能源），特别召开线上记者会澄清毕马威提出的疑问。同时也指出毕马威直接通报法定审计事项的做法，实则不寻常。



Serbadk控股董事经理兼总执行长拿督莫哈默卡林周六（29日）临时召开线上记者会指出，毕马威针对Serbadk控股5大审计事项提出疑问。其中包括：

1.外部客户关于销售交易，应收账款和余额相关的客户确认。

2.本地供应商的采购交易和应付账款余额。

3.在西亚巴林的客户和供应商公司搜索问题。

4.贸易应收款余额和销售交易中IT合同的合法性。

5.其他未决事项

Serbadk控股总财务长阿兹汉指出，毕马威于今年4月中旬就越过Serbadk控股管理层，事先将以上法定审计事项通报给独立董事，5月3日才通报管理层。

对此卡林指出，若审计出现问题，毕马威理应先向管理层提出疑问，因此认为后者的做法其实不寻常（Abnormal）。

“而且针对毕马威提出的这5大审计事项疑问，我们早于5月6日召开了董事会议做出澄清，当时毕马威的代表也有出席，他手上也有我们这份解释的演示（presentation）文件。”

此外，毕马威历年来一直是Serbadk控股的外部审计师。当媒体询问为何早年没相关问题，如今毕马威却骤然对Serbadk控股的账目提出法定审计事项的问题时，卡林回应道：“我们也很纳闷，这一点，恐怕要问毕马威。”

但期间卡林也特别强调，毕马威的审计疑问中不存在集团所获项目的真实性，以及项目价值虚实的问题。

他指出，相关完整解释文件已于周五（28日）较晚提呈马证交所。


针对Serbadk控股建议召开特大，撤换外部审计师毕马威，卡林指出，作为管理层，他只是将股东的请求提出来。

Serbadk控股周五（28日）稍晚向马证交所报备，收到大股东兼董事拿督阿都卡迪发出的特别通告，建议根据2016年公司法令召开特别股东大会，撤换审计师。

阿兹汉指出，一般上只要股东发出特别通告，两周后就会举办特别股东大会，预计落在6月28日或29日。

阿都卡迪是Serbadk控股的股东之一，持有15.96%股权，他同时建议撤除毕马威，并委任德豪（BDO）为截至2021年6月30日财年的外部审计师。

德豪目前是全球第5大审计师，排名仅在毕马威之后。

但据小股东监督机构（MSWG）最新文告指出，该机构呼吁Serbadk控股小股东反对换审计师提案。

“作为良好监管的一部分，毕马威应该被允许完成他们的工作，并在来届股东大会向股东们作出汇报。”

该机构认为，既然Serbadk控股将委任独立审计师来评估审计通报事项的真实性和准确性，那毕马威也应该被允许出面捍卫及解释自己自己的审计结果。

“当下并没有即刻移除审计师的需要。”

许多小股民都担心该起事件会对公司股价带来崩跌冲击，对此，卡林指出他已尽力做出解释，希望可解除投资者的疑虑。同时也强调已停牌两日的Serbadk控股，周一（31日）将恢复正常交易。

针对该起事件会否重挫投资者信心，卡林指出，Serbadk控股拥有强而有力的基本面，因此相信独立审计师了解介入后，会解决相关问题。

“但是目前尚未委任独立审计师，对此仍需得到股东的议决。”

此外，对于Serbadk控股为何将财政年从2020年底改至2021年6月底，总财务长阿兹汉解释，这主要因为受疫情冲击，集团没有足够时间完成审计，故将财政年延后。

Serbadk控股是于本月7日向马证交所报备延后财年的消息。