For me, having EY as an auditor is a step in the right direction.

PUBLIC BANK, Price Call : HOLD, Price Target : 0.44
Last Price : 0.345, Upside/Downside : +0.095(27.54%)

Well. Uncle Tan already apologise. hahahaha

Market so quick to punish. Even before any proper facts like final audit report or lawsuit outcome. So kesian

https://www.e-serbadk.com/serba-dinamik-uncle-tan-do-you-really-know-what-a-ponzi-scheme-is/

Serba Dinamik – “Uncle Tan, do you really know what a Ponzi Scheme is?” , JUNE 27 (STATEMENT LINK)
27 June 2021

We refer to the blog headline above which was published on the KLSE Investor website:
https://klse.i3investor.com/blogs/expertanalyst/2021-06-26-story-h1567055294-Serba_Dinamik_A_Ponzi_Scheme.jsp on 26 June 2021.

Serba Dinamik Holdings Berhad (“Serba Dinamik”) and its group of companies (“the Group”) wishes to
deny any element of manipulating investors and Ponzi Scheme. On 21 June 2021, Serba Dinamik has
released a detailed announcement [Clarification on Article titled ‘Cover Story: Serba Dinamik in the Eye
of the Storm’] that clarified the ownership model of Block 7 Investments LLC (“Block 7) and denied any
related party transaction when Block 7 contract was awarded to RM 7.7 billion.

In the announcement as well, Serba Dinamik has clarified that it has yet to record any revenue for the
EPC contract and have incurred some preliminaries consultants’ fees. Currently, the said project is in the
stage of concept master planning design and securing approval from the respective relevant Abu Dhabi
authorities. As explained, the project with Block 7 is legitimate and stands to provide stable future
earnings for the Group business in Engineering, Procurement and Construction (EPC) segment.

On top of that, Serba Dinamik is a global technical and commercial service provider that is involved in
multitude of sectors such as EPC, industrial Operation & Maintenance (O&M), Information Technology
(IT), Education and Training, and more. Over the years, The Group is able to sustain a healthy revenue
and profit as it has diligently expanded its business and won contracts globally.

The recent blog headline mentioned above has categorically disregarded both the announcement and
the business structure of Serba Dinamik to craft a concept of Ponzi Scheme around Serba Dinamik and
the Group. To-date, Serba Dinamik has never manipulated the investors and any news regarding
contract wins is only the standard duty of any company to inform its investors.

Serba Dinamik believes that the content of the article is driven by malicious intent and has lodged a
police report and an MCMC report under the Defamation Act 1957. Serba Dinamik is also requesting the
author to take down the article within 24 hours followed by an apology statement regarding the article.
Serba Dinamik shall pursue necessary legal actions should the requests above are not fulfilled.

https://www.bernama.com/bm/ekonomi/news.php?id=1975720

A shake up in management will be vital for the company’s survival

I would personally think Serba Dinamik needs to overhaul the entire management. Bring in new independent directors to clean up the mess and boost their image

https://www.theedgemarkets.com/node/573863

SC back up also still resign

Wait for the auditor to check the accounts la

Have to agree with Lapid. KPMG did not take any action against their partners for their role in 1MDB. Bayar fine move on sebab already made their money. Same thing could happen again, target company with huge GLC holding. Nasty strategy.

The real culprit pula still out there ruining Malaysian companies. KPMG must pay

https://m.malaysiakini.com/news/574407

The damning silence from KPMG is worrying. Lebih kurang lagi how they ghosted Serba la

the new big3 mesti gelak kat KPMG now

exactly. If only people do a bit reading will get all the infos


It seems the SerbaDK project in Abu Dhabi is real:
https://w.media/zonescorp-partners-with-block-7-investments-to-develop...

And supported/funded by Abu Dhabi Government
https://clarifiedby.diligenciagroup.com/company/summary/3881546-efire-...

PublicInvest still with their hold call. so big boy investors coming in

KPMG dah keluar statement ke?

I think there are several ingredients forgotten about yesterday's PC.

Datuk Karim also reiterated that his investors have no problem to continue supporting his projects in oversea. No one outside Malaysia raising the red flag

Ya la

Posted by Huangbk72 > Jun 23, 2021 10:11 AM | Report Abuse

winsteady many people just misunderstand. sd sue kpmg for negligence, not true or wrong fs but negligence. if kmpg do not reply or coordinate with serba for 59days to solute the matters, it means kpmg is negligence!

Haha.. if you know audit process.. this 59 days refer to the period that KPMG is refusing to accept the explanation given by SD.

KPMG is playing hardball this time. See who blink first. I see SD blinked first by suing ..

Again.. so easy to prove who is right and wrong.. get another auditor to check.. whats so difficult?

Now waste money feed lawyers

normal trend la. Turun close to 12.00 pm but after petang naik balik

Serba petang selalu harga bagus. Beli murah pagi, tengok petang harga naik

Ekkram. Arul explain on 1MDB but don't dare sue. Remember Najib saying next tuesday, until now nothing.

Serba different. Walk the talk

So many KPMG auditors here. No wonder they don't look through the files properly. Hahahaha

High volume of trading. Wow

I think the ball is now on KPMG's court to respond. their silence is not helping them

Until now no statement by KPMG. their PR team still sleeping I guess

Huge difference. 1MDB use state apparatus to remain secretive. A lawsuit means Serba is not only open for inspection by the new auditors but everyone in public as well. You can only do that if you dare


Posted by apple168 > Jun 23, 2021 7:54 AM | Report Abuse

Serba appears to us as another Malaysia financial scandal, similar to 1MDB as pointed out by Dompeilee

I agree with trader168 here. KPMG is not assisting them in resolving the issues. Usually, auditors are supposed to do that. You are not called to investigate through hostile means but to give a clear picture to the shareholder.

KPMG here not acting like paid entity but a rogue actor


Posted by trader168 > Jun 23, 2021 7:38 AM | Report Abuse

SD already replied all issues raised by KPMG, but after 59 days they still no reply and keep quite.. At least give some statementlah to clarify why they cannot reply....whatever their reason..it look they aren't professional at all..

Wow. KPMG using truecaller. How to share info with them. Truecaller always leak info. So unprofessional from KPMG

Let's wait for the writ. So far the snippets looks damaging on KPMG

But suing auditor is something that people have done before

https://www.ft.com/content/7f0065ac-1853-421b-9b21-cfdd2fed289f

https://www.ft.com/content/3b10ca83-7818-46d5-b492-8c86857ebd33

https://www.theedgemarkets.com/article/mof-looking-1mdb-settlements-kpmg-wong-partners-%E2%80%94-sources

some cases where KPMG kena saman..


Posted by Huangbk72 > Jun 22, 2021 8:18 PM | Report Abuse

lapidmalik90 I setuju with retailbroker99. KPMG was sued multiple times globally. Which means suing auditor is something that company has to do to clear their name.

i cant find le.. can help post link client suing KPMG?

They fight using proper mechanism. Cakap they are crook. So what you want them to do

I want to hear from the so call experts. What is the best way to clear your name? in the suit, it is clear that KPMG did not give Serba proper avenue to answer the queries

Sense maker. Damage has been done. Kena la recollect

Serba for the past two weeks is one the most active counters. Despite that, price still going up.

Be reasonable. They are taking action because they want to clear their name. I think what Serba is doing is fair

https://dagangnews.com/serba-dinamik-saman-kpmg-atas-dakwaan-cuai-6757

Sebab KPMG disaman

1) KPMG telah membuat kesimpulan bahawa beberapa individu yang menandatangani permintaan ke atas pengesahan audit bagi
pihak syarikat mereka - pelanggan dan pembekal Serba Dinamik - tidak wujud, hanya berdasarkan panggilan yang dibuat kepada
penyambut tetamu syarikat-syarikat ini untuk mengesahkan identiti berkenaan. Ini walaupun setelah pihak kakitangan kanan syarikat tersebut mengesahkan kewujudan individu terbabit, namun tiada tindakan
selanjutnya yang diambil oleh KPMG

2) 2) Dalam contoh lain yang melibatkan vendor asing dari Timur Tengah, KPMG telah menjalankan lawatan ke lokasi untuk mengesahkan
keberadaan pejabat mereka dan menyimpulkan bahawa pejabat berkenaan tidak wujud.
Setelah pemeriksaan dilakukan ke atas perkara itu, Serba Dinamik segera memaklumkan KPMG bahawa alamat berkenaan mempunyai
gabungan angka dan huruf Arab yang disalah tafsir juruaudit tersebut yang seterusnya membawa mereka ke alamat yang salah.
Serba Dinamik mendedahkan bahawa bukti alamat sebenar dan pejabat itu telah dikemukakan oleh syarikat, namun KPMG enggan
mengesahkannya.

3) Dalam isu pengesahan nombor telefon vendor Serba Dinamik, syarikat mendakwa bahawa KPMG bergantung kepada aplikasi buku
telefon dari sumber terbuka iaitu ‘TrueCaller’ di mana dilihat menyediakan hasil carian tidak tepat ke atas pemilikan nombor tersebut.Setelah pengesahan dibuat, Serba Dinamik berjaya memperoleh bil telefon rasmi yang didaftarkan di bawah nama vendor berkenaan,
namun tiada tindakan diambil oleh KPMG bagi mengesahkannya.

4) KPMG juga telah menimbulkan isu percanggahan kontrak IT yang melibatkan vendor asing di mana dalam kontrak tersebut nama
syarikat yang terlibat ditetapkan sebagai L.L.P, sedangkan dakwa Serba Dinamik, dalam invois syarikat berkenaan yang seterusnya
merujuk diri mereka dengan LLP.
Ujar Serba Dinamik, perbezaan kedua-dua singkatan ini serupa dengan isu syarikat yang mempunyai "Sdn. Bhd." dan "Sdn Bhd" di mana
perkara-perkara ini tidak bersifat substantif dan mudah diselesaikan dengan ketekunan.

Did KPMG respond. They haven't said a single word. Very suspicious. Also no one in news talking about them wanting to settle for the 1MDB case.

I think we should read the writ first. So far the point highlighted by TS Shafee are quite interesting especially the point. KPMG has not followed standard audited route to highlight issues.

Can't wait to read the full writ. Anyone got info ah??

1MDB did not saman anybody la. Serba saman because they have nothing to hide. Going to court is risky because you open up everything.

They are taking the risk because got nothing to hide

waiting for KPMG to respond

Habis la KPMG. Haven't settled 1MDB now have to handle Serba Dinamik

Wow. Serba got Tan Sri Shafee. I think someone is getting sued

Price goes up like mad. This is a long term investment

Normal la announce after market closes unless it is a bursa announcement

Trading volume still high. Which means more smaller volume traders are raking up the stocks. Obviously some people nak short sell before PC today

Collect before PC today. Confirm got something big today if not mesti isu statement saja

Transmile case everyone run. Here everyone still here. Add new people and new auditors