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Fully Agree @InsiderShark

https://www.theedgemarkets.com/article/sc-charges-serba-dinamik-vp-accounts-and-finance-creating-false-sales

Curious how much revenue is not false then?

Thanks @PSAi3alert… You r really resourceful :)

TQ @i3lurker

AGREE @Nikmon

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The Edge
https://www.theedgemarkets.com/article/serba-dinamik-gets-rm12b-islamic-syndicated-financing

From Google news,

https://www.facebook.com/HSBCMalaysia/videos/asean-opportunities-with-serba-dinamik/1299438853595865/

From Google news, https://www.about.hsbc.com.my/-/media/malaysia/en/news-and-media/200626-asean-and-beyond-hsbc-malaysia-partners-with-serba-dinamik-in-its-growth-journey.pdf

Why protest? Let the courts decide lah…

https://themalaysianreserve.com/2019/08/26/mohd-abdul-karim-and-serba-dinamiks-meteoric-rise/

Remember this?

https://www.theedgemarkets.com/article/we-have-done-nothing-wrong-says-serba-dinamik-md-abdul-karim

Fully Agree…. Hahaha

Posted by Huangbk72 Haha,,

This kacang putih logic is full of holes..

One word of advice, dont talk finances when you know nuts. ie kacang.
28/12/2021 6:27 PM

THANK YOU @PSAi3alert

Merry Christmas to All Truth Seekers….whether you are with family, alone or recovering during this pandemic, wishing all good health & happiness

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Haha think you more qualified as CEO la @BobAxel

San yau siii…. correcto He he

Arigato Huangbk san :) Learning from you all too, the Truth Seekers

Back to Root of problem,

Posted by @m3379
If KPMG was wrong on the RM3.5 bil, SD would be pleased to assign independent reviewer. Should not be agitated and went rampant on lawsuits.

Then I would explain Clearly to my shareholders what happened & would assure that the internal ‘culprits’ sudah kena caught & I will assure BAU & confidently announce my projects are ongoing though payments might be delayed due to covid …

I think as long as my explanations as a very experienced CEO are Genuine & Reasonable & Logical, surely the Ratings agencies, bankers, SC & Bursa would be reasonable in their considerations Bukan? No need lawsuits kan?

Say, IF EY’s factual findings determined there were ‘fraudulent’ transactions or ‘mistakes made’ in transactions through no fault of CEO……what you think you would do as a CEO?

If I were the CEO, I would thank EY & Kpmg for helping to ‘discover’ the ‘fraudulent’ transactions or mistakes done by my staff/employee.

Then I would make police reports & sack the responsible employee(s) accordingly or suspend them pending further investigations by Police and/or SC… right?

Why would I sue Kpmg & EY leh?

Then I would apply for further extension of time to submit SD’s Audited Accounts which I am sure Bursa would accept my explanation as the CEO becos of Unforseen Circumstances mah, not covid -related.

Only bodohh people rather believe Kacang Putih than listen to Serba itself

If you think you buy Kacang Putih , you can listen to Pearl Palsu.

If you think you buy Serba shares, advisable to listen to Serba la

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GUIDANCE NOTE ON CONTROLS BY FUND MANAGEMENT COMPANIES IN MANAGING MATERIAL NON-PUBLIC INFORMATION

Go read 22 April 2021 latest issue from Securities Commission of Malaysia

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Good one @wongchin …. Strong Serba promoters faking buy calls

Doesn’t matter if bondholders don’t call EOD la…. only a few months later the Entire Sukuk outstanding of about USD 222 Million would be due anyway.

Sometimes ‘delayed’ problems could be worse for investors….

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Bursa announcement dated 15 Dec 2021 by Serbak, partial quote as below,

Reference is made to the announcement made by Serba Dinamik Holdings Berhad (“SDHB” or the
“Company”) on 15 December 2021.

“The Board of Directors of SDHB wishes to announce that the Company had on 9 December 2021 triggered the following prescribed criteria as set out in Paragraph 8.04 and Paragraph 2.1(f) of Practice Note 17 - Criteria and Obligations of PN17 Issuers (“PN17”) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“MMLR”).

SD International Sukuk Limited, (“SDISL”), a wholly-owned subsidiary of Serba Dinamik International Ltd., which in turn is a wholly-owned subsidiary of SDHB, has defaulted in its payment of interest due on 9 December 2021 pursuant to the USD300,000,000 trust certificates due 9 May 2022 amounting to USD6,499,961.50 (“USD Sukuk”).

Unquote

Actions Speak Louder than Words la….

Why jump ship if nothing wrong inside the ship? Haha ha

Nanti beauty seeker become disaster seeker ….Hahaha

There must be a certain minimum percentage of bondholders who vote to declare of an EOD…. so that the minority bondholders would not be ‘at the mercy’ of majority bondholders in the event of a default of payment taking place….

No point feeling sorry for bankers ….. No one forced them to lend on ‘clean’ basis ie without any security over any fixed, valuable assets & with no personal guarantee of whoever running the listed company….

Agree @alenac & @superrr.

Bankers depend alot on proper audited accounts & management accounts/unaudited quarterly results for their evaluations.

Should there be any fraudulent transactions, the auditors are there for a purpose ie to randomly sample some transactions for verification & checking purposes in accordance to Global accounting standards. This is why Bursa & SC have strict regulations on such basic requirement.

Yes, bankers, auditors, serba etc all expected to be professional & have integrity… Would be naive & painful losses to think so like Pru. Please explain why some bankers, or Ceo or auditors caught & go to jail?

Usually banks would expect certain self-declarations from their Borrowers.

If the Borrower lied to Bank, there’s elements of fraud. Banks & SC can take actions against Serba once they can find proof (of any wrongdoings)

Pru just a SD promoter la…. If bankers so smart & can do own due diligence, how come had to freeze accounts & can get caught with defaulted coupon payment? Hahaha

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Have to wait for SC to complete its investigations with proper evidence (if any)….

[Excerpt]
‘The SC told The Edge that the commission had raided several of Serba Dinamik’s offices on May 18 to secure documents and relevant evidence after it had received a “Section 320 of the Capital Markets and Services Act 2007 (CMSA) notice” from KPMG.

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.

As the capital market regulator, the SC stressed that it is empowered under securities laws to investigate and enforce any transgression or potential transgression of securities laws, SC guidelines and rules of the stock exchange.

“The SC will evaluate all available evidence and take any appropriate action as is deemed necessary. As investigation is ongoing, the SC is not able to comment further on this,” said the SC in an email reply to The Edge.’

https://www.theedgemarkets.com/article/sc-says-serba-dinamik-probe-ongoing-backs-ey-special-review

TQVM @alextan & @Calafate for sharing youtube vids

Wah…. Grttrdr kena suspended for abusive postings! Padan muka

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Hahaha….GrtTrdr2 why all comments deleted?

Thanks @Bob…. Bon appetit :)

Thanks @Ben… this means no reduction in share prices today then :)

Next important date : 17th January 2022

“Justice Ahmad Fairuz ordered Serba Dinamik to pay costs of RM20,000 to Bursa, and set Jan 17 to hear the company’s interim injunction application to block the release of the factual findings update on its financials by special independent reviewer E&Y Consulting Sdn Bhd.”

https://www.theedgemarkets.com/article/serba-dinamik-fails-recuse-judge-lawsuit-against-bursa

Yes @BobAxelrod…. SD promoters don’t seem to know that Banks have capability to conduct own searches ie to verify the existence & details of SD’s trade debtors (customers), on trade creditors/Suppliers, perform site visits for Stocks held….. while waiting for audited accounts.

Banks also have means to check & trace payments & fund receipts.. Which explained why banks may freeze bank facilities