Noob noob
If so fast limit down, those big funds how to escape. Drop abit then rebound then all the way to Holland mah. Hahaha

So he still decided to meet the auditor next week. Still think the proposed change of auditor is questionable as he didn't want to share his view. Pressure?

Monday market could crash.
Total lockdown news might help those who invested here, provided that if you are able to sell before LD.
Good luck shareholders. Hahaha

Those who said wanna buy, very likely will sell also on Monday. Because they will be panic for sure.
Will boss get margin call? Lets see.

Noob noob
That's the reason why i said PP is not a healthy way, because as you said, these could be bond moneys, or simply another way of borrowings?
I am not an expert therefore i can only say, invest properly for those who want buy this company shares.

Onionchong

As i said, i was referring to the report released by Serba, not actually reflecting the truth behind the scene, don't get me wrong, I'm not Karim supporter and i will avoid his company shares at all cost.
And wait for the report or update from KPMG then can share my views again.

Noob noob

Don't think he wayang buy as he is one of the biggest subscriber of PP, indirectly he pumped money into his own company, but not a healthy way to do it.
No suggestion of fraud but some parts of the report shows the management team is very very poor on handling issues. Avoid at all cost

Stockraider

It's proposed removal of auditor by second big shareholders. Do you wonder why it's not big boss to propose that?

After mco 1.0, a lot of chefs were born.
After serba audit issue, a lot of auditors / accountant were born

Men_stock, as mentioned before, continous mco, the rise of covid cases, confusing sop could lead to more problems. Serba involved in many different types of businesses made it more complicated. You can see auditor didn't raise much problems for their earlier FYE, but only FYE20, they expanded their businesses into more different sectors, Therefore auditor need to be careful before they signed.
Still, serba has bigger problems for dealing with these situation like a big company. Poor poor management team.

I have no doubt of their revenue, but their cash flow and debts are the biggest problem in a so called fundamental company.
And the way they react on the matter raised by auditors, like not serious enough, very poor management team.

Power88, i see serba problems bigger than auditor, auditor don't really have problems as they are professional. Serba on the other hand, didn't handle all the small details like a big company. Should have done a lot better.

ET8888, totally different cases but you compare? Lol
If you are an auditor, you find out your clients couldn't provide enough details involve huge sum, would you raise red flag? Of course, because you can't simply sign of something you are unsure of.

Brian3381, as you said, all got connection.
You know la. Its totally normal to raise red flag if auditor can't identity some issues, so they asked serba find a 3rd party to review. If anything happened, 3rd party kena first mah. Later sure pass one la. Hahaha

lee901, part of the law, auditor cant really do that as oath taken. As mentioned in serba report, they said that KPMG has yet to respond resulted in FYE20 date change. They would need to solve this internally.

Mickey, this is what Serba said, we won't know the truth, but human errors happened everywhere. The result of FYE20 date change probably suggested by KPMG as mentioned in a statement released by Serba days ago.

Mickeymoose, nothing wrong with KPMG side as they are just doing their jobs to ensure accuracy of those details, it just that KPMG is yet to reply them, result in FYE20 date change to ask for more times perhaps.

Comment carefully as some words used against them might trigger lawsuits as this is not a small company. And spreading fake news also might kena fine 100k, lol.

Noob noob, if all the big funds don't want to throw next week, and support the price, then its hard to limit down, but total lockdown might be make that happen.

brian3381,
Monday I guess no one care about Serba anymore as total lockdown starts on Tuesday.
Many shares could be dumped heavily.
Serba only become main character for 3 days then continue to be their usual self, mr. Sideway
Hahahhahahah just joking.

Looks like not considered big issues, but the proposed change of auditor is from Abdul Kadier, not Karim.

So what's they are playing at? Making movie ah? then in the end, Karim come out and settle everything?
Then shake hand?
Hahahhaha

(just joking la)

mikevillain
You are right, many auditor choose to resign instead of waiting to be removed, same as those who resigned as auditor from those penny stocks group of companies.
But don't be surprised if KPMG announced their resignation soon.
Hahhahahah

Cruger12345, disagreement amongst clients and audit firm happens all the time. Like mentioned earlier, someone said new personel from KPMG has different standards, therefore request a third party to do independent review since that's not within their normal scope.

I recalled BDO did replaced KPMG as auditor for a big company earlier this year, not from Msia though.
KPMG also involved in 1mdb cases. So we don't know what is actually happening behind the scenes.

Cruger12345, they recently changed their financial year ending from DEC 2020 to june 2021.

BDO PLT is quite big, but wonder if they can "save" Serba from this scandal.

Mco total lockdown soon. What a timing.

Seems like the support not strong enough.

Then those IB give sell and hold rating, mean they want buy? Haha

@Hafid, his two brothers K and S already heavily dumped by the market, imagine if he didn't suspend Serba.

Risk8888
The audit problems highlighted is from 2020 AR. nothing to do with current QR.

noob noob
He like to talk about new business, now let him talk to all fund managers first lo. Haha

@noob noob
Kao Tim or not, that's their issue la ahhaha.
Right now I wonder why Serba seems very relaxed, no announcement other than suspend their securities.

Don't tell me they going to suspend again next Monday if no announcement.

" But I was also made to understand that despite KPMG having audited them before, this time the request is more stringent because some of the auditors are new personnel, who probably have “different standards” and want to understand their operations more hence requiring an external auditor party. Bursa also forced them to make this special audit announcement when they informed Bursa of the FYE change. "

This could be the reason.
But anything now is just speculation.

Abdulazizba, KPMG is one of the biggest firm, and serba has been with them since 2013. They raised the issues because they are uncertain as the things are not within their normal scope. Therefore they requested Serba to hire a 3rd party to do for them.
These are normal procedures, market reaction is totally different because some will speculate that company is playing with their accounting figure, a lot more of conspiracy theories then market dump all of karim counters.
Totally unnecessary to sack their auditor since IPO.
If they sack, more problems will come.

- FYE change from Dec to June is to comply with KPMG request (concurrently), b) KPMG requested an independent review is to ensure accuracy of findings for the additional procedures required for points raised by them, c) the whole audit process being reviewed, not on a particular project or subsi, but for all operations especially in view of COVID19 in certain geography and KPMG wants independent review especially for things not within their normal scope

- Mentioned that KPMG started highlighting points since Oct 20 and Serba had been engaging with KPMG on their issues, but KPMG’s request for independent audit was only made in Apr 21. Serba did not receive reports or claims of fraud. What has been highlighted by KPMG is already addressed, right now just require process of independent review to solidify Serba’s efforts with KPMG

- Mentioned COVID19 also caused delays in auditing process (due to so many countries and JV structures in Serba) and streamlining accounting issues raised by KPMG

Suspend or not suspend, the price will crash as everyone is speculating since the announcement.

It's like saying a close contact a covid positive.

KPMG just doing their jobs as a professional auditor, as they have been with Serba since 2013. Just a normal procedure if they couldn't identify something and request for audit, instead they requested Serba to hire a 3rd party as those are within their normal scope.

IB downgrading the valuation also make sense because you don't ask your investors to take risk in a company with audit issue. They also mentioned if things are resolved they will reevaluate.

If you are worried, can sell first, and see how's the progress. If everything turns out to be fine, it's your choice to buy back at much lower price.

A strong and convincing statement this weekend can help on damage limitation.
He need helps from those two big funds though.
Otherwise margin call...

The reason for suspension most probably to protect the share price. Continuous suspension doesnt always mean its a big or small problems.
Their request for suspension yesterday only last one day, but after witnessing both his brothers being bash, of course they request again today. Hahahahaha
If share price go LD, not only karim will be in trouble, so are epf/kwsp.

Who knows if they suspend again next Monday.
Hahahhahah
The longer It drag, the chance of LD getting lower as market has digest enough by dumping both his brothers, and very likely they will come up with a strong statement this weekend.

Maybe they will put a joint statement together with auditor/newly appointed 3rd party to calm down all the investors?
Karim was one of the biggest subscriber to the recent PP.
Maybe he worried margin call if the share price LD?

Suspended again??

Just realize if there are some negative news for a company, IB will immediately downgrade as that's their job to safeguard investor's interest. Once resolve they will immediately review their valuation again.

Wonder why most IB (except public) downgrade their valuation on Serba?

K and S 's business model are different with Serba. K did mentioned the management is totally different, include auditor etc.
The market dump both of them heavily yesterday probably because of "karim Counter".
Since no any further announcement released by Serbadk yesterday. Perhaps will go for suspension again today?

He bought so much shares, yet the share price still can't close above 2.0 for so so long. He bought so much at 1.93 and 1.86. Now he just let the share price drop back to 1.6x. And volumes getting smaller recently, only epf and kwap bought last month.
Wonder if serbadk share price go down a lot at the next trading day, would he come out and support the share price?

How long they can suspend anyway? Seems like there will be no update today.

No one know if they will dump or not tmr.
The last announcement was epf buying a week ago.
I think karim was expecting these sells will happen so he choose to suspend the securities.

How long they can suspended their securities?
Was expecting they did this to protect their share price.

To avoid damage limitation, serbadk must come up with a convincing and strong statement to support their claim yesterday, or else, limit down is the only outcome.
And this counter will never reach their TP even though analysts give them a TP above 2.

Market react on dumping both kpower and scib. Maybe that's the reason why serbadk suspended their trading today. Hahahhahahahh.
See what announcement they can release today.