Haha, May be you are right, that I still don’t know yet la

I give little benefit of doubt until all confirmed clean or dirt, though it doesn’t look good currently & until now.

————-+++++———
Huangbk72 Definitely not arrogance.. its surely "fear"

You will invite health inspector to your factory if you know you have "rats" problem? First get a few cats to settle first
27/06/2021 11:54 AM

PRECISELY!!!

I can’t agree more to what you said, joyvest.

The legal suit disclosed everything and Karim took rock to hammer his own foot after all.

—————+++++++++———
joyvest KPMG had given Serba another chance to counter their ,(kpmg)views by having another independent review

But serba was arrogant and ignorant of it.in the end,serba is paying the price........
27/06/2021 11:51 AM

Based on details disclosed by Serba & later in statements of claims, the amounts involved in the disagreement were too big for KPMG.

If the directors still insist these evidences are good enough & NO INDEPENDENT REVIEWER IS NEEDED.

KPMG must report & flag to SC during the course of audit as it is too big to ignore & before KPMG concluded any opinions.

Based on the findings made available to auditors so far, I don’t think KPMG won’t dare to qualify the matters in their auditors’ report for Serba.

IF KPMG didn’t report to SC & straight away give adverse or disclaimer opinion in the report, SC may hold KPMG accountable for fail report or flag to SC given the amounts involved are too big.

Now you get it?

——————————————-++++++++++++++++++—————-

OrlandoOilSemiconIoT If one has d IRREFUTABLE EVIDENCE one would dare to qualify ones opinion

Why dare not qualify?
Mind u there is such a as giving a wrong opinion
27/06/2021 8:35 AM

Now, let’s turn to KPMG vs Serba

KPMG raised queries over the subject matters

SERBA responded accordingly

KPMG opined that these were NOT satisfactorily justified & thus requested independent 3rd party to review the validity of the replies & evidences produced by Serba.

SERBA refused as the request WAS UNNECESSARY.

Now KPMG & Serba had disagreements over the evidences. How?

It is professionally right for KPMG as auditors to report the matter to SC IF they believed they should.

What can Serba do now?

If you are not sure, Pls open your eyes to look around for all opinions from respective professional bodies & big investment institutions, THEY ALL ARE HAVING THE SAME & ONE OPINION.

SERBA SHOULD APPOINT INDEPENDENT REVIEWER TO VERIFY & INVESTIGATE THE SUBJECT MATTERS RAISED BY KPMG.


——————————————-++++++++++++++++++—————-

OrlandoOilSemiconIoT If one has d IRREFUTABLE EVIDENCE one would dare to qualify ones opinion

Why dare not qualify?
Mind u there is such a as giving a wrong opinion
27/06/2021 8:35 AM

Good question!

You believe these are irrefutable evidence, which I AM STILL NOT SURE even until today if these are, so I will not commit myself to agree that.

Now we have disagreement over it. How?

Since this is investing matter. You can choose to buy more Serba shares to make big profit ONCE & ONLY YOU ARE PROVEN RIGHT LATER.

As for me, I will not buy until you are right. Fair?

——————————————-++++++++++++++++++—————-

OrlandoOilSemiconIoT If one has d IRREFUTABLE EVIDENCE one would dare to qualify ones opinion

Why dare not qualify?
Mind u there is such a as giving a wrong opinion
27/06/2021 8:35 AM

TRUTH REVEALED!!!

SERBA NEVER TRY TO APPOINT 3RD PARTY REVIEWER TO REVIEW ON THE SUBJECTS FROM DAY ONE!!!

————————-Story Line——————

KPMG demanded independent 3rd party review on Serba replies on the subjects

SERBA refused & claimed “WAS UNNECESSARY”, that’s why KPMG flagged to SC.

SC commanded to expedite the appointment of independent reviewer on the subjects

SERBA claimed looking to appoint

After taking KPMG to court, SERBA said to relook into the role of independent reviewer for WIDER SCOPE

When read carefully on Serba’s claim on KMPG, SERBA confirmed “IT WAS UNNECESSARY TO CONDUCT 3rd Independent Review” over the subjects

################
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.
27/06/2021 3:01 AM

Totally agreed!!!

########
i3lurker After publication of the Statement of Claim its very obvious that Serba has a very weak case.
27/06/2021 7:13 AM

Spot on! Serba only said “WILL”, but indeed “NEVER” putting any effort try to appoint.

The final stand by Serba was = they were looking at wider scope…..

WHAT?? So no need again


piranha88 ###############
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
27/06/2021 6:39 AM

Good luck to all that still holding Serba

Confirmed Big shit now!!!

That’s why Serba kept turning here & there to delay appoint independent reviewer!!!

Truth revealed!! Karim said 3rd party independent reviewer was UNNECESSARY!!!

################
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.

So many kopitiam or street talks in this forum without knowing how auditors actually carry out their job when encountered situation like this

As auditors of the company, if I think the replies & answers given by the company do not satisfactorily enable me to give a true & fair view towards the accounts of a company & the management refused or unable to furnish further conclusive proofs, i may only have below choices:

1) give adverse/disclaimer opinion on the accounts
2) report to SC
3) accept the answers & give clean view

What will you do if you are the auditor?

———————-
Hints for thought:

1 & 2, Serba will die & auditors will be safe

3, Serba celebrate & KPMG will not sleep well, remember fine 2,2mil & settlement 324mil paid by Delotte over 1MDB case

When I tried to put myself in the shoes of KPMG in communicating & meeting with the BOD.

I was not satisfied with the replies from the management and were opinions that the explanations & evidences/proofs provided by the management need to be verified independently & required forensic investigation, which may not be within the expertise of an audit firm or/and within the terms of engagement.

To resolve the matters, I proposed the management to appoint an independent reviewer where the reviewer can be empowered to engage/employ/appoint private investigators, lawyers, or/and other agencies to investigate & verify the subject matters.

By doing so, I trust that we can easily confirm the creditability & validity on the evidences & replies by the management.

HOWEVER, THE MANAGEMENT BELIEVED IT WAS UNNECESSARY!!!

So how?


###############
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.

Thanks SSlee for the sharing

Ok

If auditors give disclaimers opinion to a set of accounts, get ready for banks to withdraw all bank facilities that previously granted.

Or banks re-negotiate to impose much stringent terms & much much higher interest rate.

Now do you know the seriousness of the issue?

So, directors are required to attend all inquiries & queries raised by the auditors and auditors are empowered & tasked by the LAW to express freely on their opinions on the accounts.

In their opinion to shareholders, Auditors can:

1) reservation to directors (except for opinion)
2) disagreed to directors (adverse opinion)
3) disapproved to directors (disclaimer opinion-unable to form opinion)
4) no issue to directors (true & fair view)

Consultant, item 4 may be useful information to you, in case you are not sure.

Let me explain to you The straight & simple relationship as below, hope you should be able to understand:

“Auditors are appointed by the Directors to audit on the accounts prepared by the Directors & REPORT TO SHAREHOLDERS of their opinions on the accounts”


auditors DO NOT report to directors!!!


##########
joyvest Vicky said he or she is an auditor.

But the way he or she has expressed his or her view doesn't look and sound he or she is one.....
1.all opening balances brought forward from the past must be auditable and verifiable even now....
2. Auditors must be independent as such and as perceived
3.it is not up to the clients to reject the audited report which has been prepared objectively and independently.
4.the auditors have the duty of care to all the stakeholders including SC.
5.reporting to SC is of no issue.
26/06/2021 3:37 PM

Your response proved you don’t know anything about the role & relationship between the client company & auditors.

############
Consultant
Er... U mean I'm paying u 100k and I'm ur employee?
26/06/2021 1:51 PM

Civil case take years, by the time Serba already KOYAK while KPMG will still in the market.

By looking at the contents of the news, KPMG is doing their job under the applicable laws.

All I see was Serba positioned themselves as employer, & treated KPMG as employee.

Let’s court decide la.

BY THE WAY, I GUESS SERBA WILL WITHDRAW THE LEGAL SUIT VERY SOON, IF NOT NEXT WEEK, THEN FOLLOWING WEEK.

@@@@@@@@@@@@@@@@#############
B4b4 https://www.nst.com.my/business/2021/06/702410/serba-dinamik-vs-kpmg-s...

Must read this very interesting article....... Serba Vs KPMG....... siapa akan menang?
26/06/2021 1:34 PM

Why I never bother to respond to some pasar gossip type of Aunty uncle comments here?

Because they want to hear what they want to hear, see what they want to see. No point to talk to this kind of Aunty Uncle.

By the way, I just love KAKI GONG KAKI SONG, good luck many Aunty Uncle here ya

Key issue, KPMG highlighted audit queries for non-existence & inconsistency of certain matters, KPMG didn’t accept explanation given by Serba & requested third party review.

THE PROCESS IS SOMEHOW VERY NORMAL & FAIR, CONSIDERING THE HUGE AMOUNTS INVOLVED.

why did Serba just do it? WHY? KARIM & TEAM THOUGHT THEY ARE BOSS, so KPMG must accept whatever the answers, no need independent reviewer?

Judge yourself, until now Serba still refused to appoint 3rd party reviewer, stating they want to relook the scope. WHAT SCOPE?

DON’T YOU THINK SOMETHING FISHY? All you need is use your little brain to think.

——————————
Serba Dinamik vs KPMG, a "shop lot auditor" case?

https://www.nst.com.my/business/2021/06/702410/serba-dinamik-vs-kpmg-s...

I like how it is illustrated by leno.

I repeat his statement:

HANYA ORANG BODOH sahaja think got BIG INVESTOR BUYING.

Sekian.
26/06/2021 12:38 PM

Another eye opening figures are in cash flow:

Net cash operating generated = 9.7mil

Acquisition of PPE = 1,223mil


WHY NEED TO SPENT SO MUCH MONEY IN PPE?

What kind of business is actually Serba doing?

Year end 30 June is near the corner, so who is going to independently verify & audit the existence of all these so called:

FIXED ASSETS (PPE) (2177mil+452mil)
INVENTORIES (1,884mil +699mil)

Total=5,212mil

Until Serba proved the case & the only way to prove is to show convincingly NO WRONGDOING in any part of the accounts, anything else is making things worsened only

No matter how bad you think of KPMG, let’s face the reality. If banks have to decide who to trust now, KPMG or Serba?

I bet You know the answer, then what is your action to put your money? Still Serba?

Why want to divert attention saying how bad is KPMG? Does it matter now?

Compared to what the management did since May, should it make you more worry for the things may have been hidden?

We know in this kind of business, always some grey areas. Go ask those working in senior management of big construction firms, it’s norm.

But to manipulating accounts is totally different thing. WHAT IF IT IS REAL?

For high profile people like Karim who is also very good in publicity, should he NOT know the consequences of his actions so far? Why he still did it?

NEVER THOUGHT OF IT? Or newbies choose to ignore?

Under the prevailing market events, on-going coverage is now impracticable to comply with applicable regulations and hence, we have decided to suspend our coverage on Serba Dinamik.

Lots of newbies thought they are smarter than the street guys. May be true.

Street guys may not be as smart as newbies, at least they won’t lose money like newbies.

Independent directors resigned, those holding hot SD cake can sleep over 3 nights?

Like I said yesterday, it would trigger another fall once KPMG resigned.

Asked yourself WHY?

No need to submit account by end of Oct? If KPMG can’t finish within 6 months, who else can finish within 4 months?

Hey, it’s no more normal audit, it’s expected to be statutory PLUS investigating audit!!!

I strongly doubt the management can produce audited financial statements by then.

SO GET READY TO BE SUSPENDED!!!

Like I said yesterday, it would trigger another fall once KPMG resigned.

Asked yourself WHY?

No need to submit account by end of Oct? If KPMG can’t finish within 6 months, who else can finish within 4 months?

Hey, it’s no more normal audit, it’s expected to be statutory PLUS investigating audit!!!

I strongly doubt the management can produce audited financial statements by then.

SO GET READY TO BE SUSPENDED!!!

Don’t pull everyone in, it’s only the kindergarten standard management that terribly mismanaged the whole thing. The price collapsed when Serba took legal action against KPMG.

@@@@@@@@

ratz This whole thing has been badly mismanaged and is getting out of hand. Its now impacting investors confidence with potential systemic implication to the market if this is not handled well. The behaviour of all the parties Serba, KPMG, Bursa, SC, the news media etc are creating disorder and has increased the level of volatility in the market. I have never seen this mess badly handled and mismanaged. Just like the mismanagement of Covid-19 and the economy, this crisis is now spreading into markets. Apa nak jadi Malaysia…
25/06/2021 4:44 PM

Sub-standard management was unable to handle the request, thus remained silent

If a person can openly tell lie, what do you think of this man’s integrity?

To recap, Mohamed Ilyas during a press conference on Tuesday claimed that he had previously spoken to the SC and Bursa about KPMG's alleged breach of contract and non-performance.

Both the SC and Bursa later denied such a meeting with Mohamed Ilyas.

Who is dare to take up the special review job? It may be used as court evidence by the management against KPMG & become the subjects at court.

It has converted the job objective from independent review to court investigating findings.

Serba should engage special private investigator, not auditors.

Who is dare to take up the special review job? It may be used as court evidence by the management against KPMG & become the subjects at court.

It has converted the job objective from independent review to court investigating findings.

Serba should engage special private investigator, not auditors.

Once someone take legal action against the auditors who were merely dong their job to audit someone company’s accounts, something very fishy

There is no such thing of “mandate” from SC, just to clarify

Serba is not big, my friend, Maybank or Public bank yes

effchan1901 too big to fail? Remember Barclays bank?
25/06/2021 12:19 PM

There will be NO FRESH BUYING from institutions due to internal investing regulations (refraining to invest in company having serious corporate governance issues)

You can expect now mostly all are retailers buying

The next auditors will not get clean professional clearance from KPMG and the next auditors will definitely carry out more audit evidence tests throughout the audit. All eyes will be on the next auditors and allow no room for mistakes. So the audit won’t be quick to be finished.

By the way, Who is there to take such huge risk job? I am very interested to see which audit firm dare to take such risky order.

@@@@@@@@@@
fortunefire the only thing they can do is to quickly get EY finish their job.
25/06/2021 12:08 PM

Simple as that

Karim! Look here:

The best way is to resolve the issues raised by the auditor, and then the audit will be completed

Karim! Look here:

The best way is to resolve the issues raised by the auditor, and then the audit will be completed

The CFO of serba is really school boy level accountant

Whether KPMG right or wrong, the management must prove themselves right.

So far I only saw Kindergarden standard replies from the management AND consistently wrong moves


Now I start to doubt the quality & integrity of the management and thus making me think something are truly very fishy