Want run today run lo, tomorrow is T+2, then all contra players cabut liao. Good luck lol

@IbnuShaari, everybody here just kepoci and gossip je la... all these retired uncle aunty nothing better to do cause MCO lockdown... so all gossip la.. best topic to gossip is kutuk la... takkan want gossip the sky so blue and weather so nice... hahahaha

This is what happens when you rely on cronies la.. get project, cant directly use your own, so need setup small companies left and right. Then want avoid tax la, so can incur more cost and pay less taxes la, then when wanna audit, becomes difficult to be transparent because the nature of crony is to hide here hide there in the first place. So when wanna query, here cant provide info, there info wrong, accidently register bangla house la, etc la...

Next time do business, be transparent la... then you dont lose 3b because wanna hide this hide that, hire fakehub web designer make RM200 wordpress page for the sake of showing people u have a site... aiyo... if can afford to get 7 billion project, kasi la quality sikit, hire professional tax lawyers settle la... dont do backroom.. I mean back alley quality la... the losses not worth at all...

The amount disposed is actually very small compare to overall daily transacted. I think they disposing for someone else to collect, or help out some brother who need to cut loss and need liquidity a bit.. the amount too small to be considered dumping seeing that EFP has 20% holdings here...

today who sailang kasi short, untung kau kau man....

Don't bring race pls... money is money. I dont care who or what religion or race, as long bring me money, can liao..

When i look in the report details of the PPT, seems like it is plausible that KPMG jumped the gun. It might not be a big issue and probably some misunderstanding or it's a new auditor staff that did the query..

To be honest, the current price very attractive to gamble and play with. I won't mind putting 3k to play play and see. Even if lose, I only lose a small amount that I am comfortable with. If drop to 50 cents, i only lose a couple hundred ringgit... i go restaurant eat fish during CNY also cost more than this.. hahaha

@Sunshine, u have a good point. I only say it's hypothetical in my comment, hence I could still be wrong. There are no certainty for me until SC and Bursa do their investigation.

today's closing will be bad.. but i think tomorrow will be worse cause T+2 already for those Friday buyers.. Wednesday force selling..

"When KPMG team visited the registration address of LATA, it takes KPMG to what appears to be a labour accomodation" - Total sales transaction 101 million USD.

Serba then give the Ministry Industry and Trade registered address for Lata later on in management response...

In the first place why is the bangla house used as registered address in contract? KPMG of course will verify details in the contract... in my honest opinion.. the Lata company may be existent, but someone just take that info and pretend to be customer.

I give a hypothetical scenario, I google Maybank's public information and then use that info to pretend to be a customer. But I use my own house address as "Mailing address" instead of Menara Maybank HQ address.. cause end of the day I don't work in Maybank, cause I'm pretending to be them. So I need to receive any letters sent to the "customer" which in this case is Maybank. Hence end up registering Bangla address to receive it... but that's just my hypothesis la.. This might not be true, but just giving an example of a possible scenario only..

Details of the report is out...

This one gg already... I think 12 cents also don't touch..

https://klse.i3investor.com/m/blog/informationtech/2021-06-06-story-h1566078017-Serba_Dinamik_KPMG_Query_Reply_dated_5th_May.jsp

He shouldn't even open his mouth to suggest firing the external auditors. It makes you look like you have something to hide and you're firing them for uncovering the truth... Even if it's not an issue or small matter... But from the outside perspective, when you try to fire someone for speaking out.. That is very bad for your governance.

Imagine if the judge in court gets fired because he made a ruling that you don't like, so you install another judge to get a favorable ruling.. don't people think the judge selection is corrupted? The perception is really really bad... Even small matter becomes big issue now... Kerana mulut badan binasa, kerana mau fire KPMG, 3 billion terbakar...

They say Karim actually owns some of the counter parts. His name is part of the counter part company board... That's why people are also suspicious...

What prospect on IT? I think a few of us IT guys shared on the webpage by efire and block7. I also checked fdds.ae already... Another bullshit quality webpage. They probably hired some $200 kampung boy to come up with the webpage... They lack basic security and webpage admin login is exposed by default... That is the webpage of an "IT company" with 7.7 billion to give? Seems more like transferring money from right hand to left hand...




Supermax2020 SD is a good company with excellent growth prospect in IT and automation IR 4.0, huge order books, superb track record for maintenance and epcc projects, oil and gas some more… I don’t believe it will go kaput! Pak Tua also joining the ship so why be afraid?
06/06/2021 7:55 AM

In these kind of market sentiment, plus prolonged covid and weak business environment, personally, I'll only touch when it's around 16-18 cents la.. no news, no headline, nothing at all... business as usual.. no reason for it to be double the price at 30 cents also. Those rush in kena trap by operator, hold paper loss for a couple years la then wait until economy stabilise first. The company is okay la at the moment.

So from Karim's efire and block7 account to Karim's Serba account? What's the difference apart from account name and account number?

ystmywh i heard rumours saying 97% of the rm3b trade that kpmg questioned was received by serba already in June. Is this true? got any news article ?
04/06/2021 7:48 PM

oskchoon... its the other way around. Shareholders will buy when auditors are okay with the books.

The books do not become ok just because shareholders dont sell the shares lol....

If you say BoD is right and KPMG is wrong, why Karim go start small $2 companies to give contract to himself? Since he has high position in the $2 block7 and efirecapital, why dont he provide all the relevant documents to KPMG? People keep hammering block7 and efirecapital, want to build digital data storage, webpage also tarak basic security but can get hundreds of millions in contract.. maybe you are old timer from 80s era, you don't have knowledge on these modern day stuff so can't blame you. But the nature of the business doesn't tie back to what these company present on the IT perspective, coupled by simple questions from KPMG that cannot be satisfied... 10/11 customers cannot be contacted, the phone number of the customer companies also cannot be contacted... all these are such simple things yet u say KPMG wrong?

I think JJPTR was better than this.. that one upfront tell u they are scammer somemore...

I've been in touch on IT areas for some of our bluechip companies the past decade... not a pro but at least I still know a bit here and there la.. ini macam wanna talk 100m customer... maybe 100k customer makes sense la...

@kinuxian

SSL certs are literally free. I do freelance jobs hosting and making webpages for friends and clients during my free time. They put no effort in their webpage... maybe paid RM200 to some fresh graduate to do it for them...

ethereal6, does https://www.fdds.ae/wp-admin look like a multi million dollar company that specialises in digital data to you?

This is SME company standard la... I have no idea how people think a IT Digital Data company that is going to pay hundreds of millions in trade receivables uses wordpress for webpage..

I never even bought, I already stated for the past 2 days that it's very fishy to me.... Not my kind of thing to gamble something so risky. I just eat popcorn and watch from the sidelines and share my 2 cents only...

If the 3b is really unconfirmed, dont say 0.60.. even 0.20 also i don't dare to touch.

Why?
KPMG Said they queried 11 big customers, only 1 responded, 10 more cannot be verified. Auditor is informing you that 10/11 customers that they sampled cannot be verified. What about all the rest of the customers that they never test? If they have 50 more smaller customers that never tested, cause the overall trade receivables only 500m? How u know they exist or not, since 10/11 of the customers also cannot be verified...

If you say company pay dividends, then good. Then by your logic JJPTR also very good, cause they also paid a lot of dividends until it went bust...

This one confirm margin call and some big funds or investment banks unloading already. The selling pressure too high, Monday will be flat, but wont rebound. I don't expect KPMG to work on weekends and give statement to the Audit Committee and suddenly turnaround things.

If really KPMG is bullshitting, Karim can go sue them for defamation already and make them pay for the margin losses. Those who so confident buy at 80.5 cents, you guys holding old news paper, can go bungkus kankung with Najib liao..

The secret to trade this stock is.... Buy High Sell Low...

I already said in the past 2 days, the block7 webpage like homemade only (http://www.block7investments.com/wp-admin)

The efirecapital webpage macam SME only... (https://efirecapital.com/wp-admin/)

As a company that is building top notch data storage in middle east, they cant even afford to pay freelance to make better webpage.. and these are the companies the buyers trust to pay hundreds of millions to SerbaDk ah?

lol all kena trapped already... go chase high somemore..

dunno how many ppl got trapped already...

I think some big fund or big player setting up buy wall at 80 cents, then collect and resell next day >85 cents, then rinse and repeat.

This strategy can defend the price and also make money in between, but must have big enough capital to setup the 14m buy wall at 80 cents. Not surprising of KWSP is doing it la, they have the funds, and also can recover some money buying at 80 cents and reselling >85 cents. Just wait next see if there is a subst. shareholder doing heavy buying and selling then we know already...

Contra players who bought on Monday today have forced selling. Force selling lead to call margin. Domino effect later 4pm.

Really bad timing.. im not saying audit or karim is bad, just that it's T+3 and the price cant recover, so reality is to absorb losses lo...

Watching people trade here is like watching this

https://www.facebook.com/watch/?v=4395810690438814

many people trapped liao above 30 cents? smells like operator 1 day action

I think we focus on the things on hand first. No need speculate this and that. Today is call margin and T+3 day. Whether the audit case settle or not, your broker want settle with you first hahaha...

By 4pm dont go up to RM1.13, u watch all the traders without cash start selling already. Unless got meteor made from rare earth and gold crash into Serba parking lot before 4pm, whoever on margin and contra players will have to let go whether the case settles or not.

lai makan telur goreng

operator kasi play ka?

Mabel, u copy paste your PE thing 4 times here in the past 10 minutes la... as if it will suddenly cause the price in bursa to shoot up to RM1... here is i3investor.com la... all here to blow water only la...

the limit down is not 0.795 at the current price lo.. it's around 50+ cents i think..

In my honest opinion.. when u sign contracts worth millions, you usually hire legal team to proof read and check all your stuff la... then a proper company will have proper invoicing or billing system.. so there is a fixed template... u just key in the amount and item and system print out for you... this one sounds like made at home with excel from memory... maybe the person making it remembered the address wrongly.. could be human error.. or KPMG blind.. see address wrongly.. unless we see the actual document.. we really have no idea la.. but it's just so funny if a small matter blow up this big.. but also damning if what kpmg said is true...

But to me, if really contracts go up to 3.5 billion.. I would expect perfect paperwork la...

if the documents have no legal standing.. if got court case, the documents are invalid, how u wanna clawback the amount? u claim from who?

@mamatede look at item (D) they are talking about legal documents as well...

Ya.. they also mention the company registration and legal name not stated in the documents... Serba says is just shortening the name only.. if really so simple.. why would they raise this in the first place.. i hope the contracts or documents are actually valid cause it just sounds like the documents macam incomplete.. is it cause MCO client work from home.. so use excel do the documents himself?

If you guys refer to the audit queries, the management reply to the queries are so easy and simple, but if the matter was that easy, it would have been resolved on the ground and won't even reach BoD and become a big problem in the first place... I just feel like something isn't transparent in the response... after all, it's just a summary of what was going on.. I don't have the details and the actual report so I can't confirm how appropriate the responses are... but that's just my opinion...

My advice, trade with caution. It could go up if it's really a small matter, but it could also crash if they cannot verify the 11 vendors the second time...

https://www.theedgemarkets.com/article/kpmg-raised-audit-issues-transactions-involving-over-rm3-billion-says-serba-dinamik

@sskcm2017 u talking to i3investor.com la.. everybody is a multi millionaire here and everybody is making at least 50% profit everytime... unless u wanna join me on the sidelines eat popcorn and watch the show..

For a big company that deals in hundred of millions.. isn't using wordpress damn suspicious? Even the default admin login page also never changed... people can just bruteforce and takeover the webpage... (https://efirecapital.com/wp-admin)

If SME I understand la.. but this... lol..

Now MCO period, cash is tight everywhere. They got downgraded by S&P, so funding comes at higher cost. With 6-7k cases, what if MCO extend after 14 June?

The downside is higher than upside la in my opinion.. It could rebound, but it could also be waterfall or dead cat bounce. Buy at your own risk la. In times of uncertainty like these, i prefer just hold steady counters and collect dividends until clearer picture on our country's vaccination status and improved sentiments.

If u got extra money to spare and you don't mind losing, can gamble la...

Since the audit report is already out, you can consider it is more or less a confirmed case of goreng goreng. KPMG staking their claims and reputation when they issue the audit report. You will seldom see or hear the audit report change 180 degrees no issue after they are issued, it is very very rare. Plus, this is a big client for KPMG to hurt their relationship with.

Now for those who say company is strong, bla bla bla, oil up. My question is, if KPMG did an interim for 3 months and found 3.5b irregularities, how do we know this is all the irregularities? Or is this just a sample when they checked? What if there are more that were undiscovered because they only checked the largest transactions? What if there are smaller transactions that are irregular but were not chosen to be verified by the auditors due to the audit sample selection? Will the smaller amounts also accumulate and come up with another couple hundred million in irregularities? Bear in mind, 350m is only one-tenth of 3.5b, but 350m is still a lot of money...

Investors usually prefer stability over uncertainty. Maybe this is not a big deal, maybe it is, I also dont know. But I'm just sharing my though process la..

Sometimes, not playing the game is better than burning your hands. You might lose opportunity, but until you burn your hand, you'll realise you'd be better not playing in the first place. Greed is always a motivation, but if you understand how an audit process works behind the scenes, you'll realise this is a no no from the start.

Changing auditor every few years is normal practice. However, changing auditor because you beh song when they don't obey you and sign is a huge red flag.

Remember kids, if changing auditors to cut cost or negotiate better rates is okay, changing auditors because you unhappy that they don't give you favourable report, is automatically a HUGE red flag. You cannot compel an independent party to follow your whims and fancy. They're independent for a reason, to protect the shareholders' interest. If they find out you cooking books, it is in the interest of the shareholders that they flag it out.

So many people get burnt from 1.50 until 0.80+ thats losing half your holdings.. imagine those holding all the trinity, SCIB, Kpower and Serb... as if MCO is not bad enough, u go lose your capital somemore during this period...

Usually, all these audit issues will clear at the working level before going management level. If working level cant clear, then escalate to the management level, surely management level will dig and provide all info already.

The questionable sales and receivables is at over 3 billion, the buyers should be big shot companies, not some ramly burger stall who can spend up to 3 billion... If KPMG+ management working together to proof and verify the clients spending 3 billion but can't get solid evidence, then it gets escalated to their bosses.

Do keep in mind that auditors are independent entities that report to the independent audit committee, auditors do not report to the chairman or executive directors. In other words, the auditor's bosses are the independent audit committee. Why is Karim so upset if auditors inform their bosses on the audit finding? It is totally normal for employees to report to their managers, which is what the auditors are doing.

Furthermore, auditors audit for a few months before they announce the results, it's not like they gave ultimatum of 24 hours to provide evidence. If Serba management team cannot provide evidence for the past few months to KPMG, what makes you think they can come up with the evidence in the next few days? Before the results gets finalized and announced to public, the independent audit committee will go through the contents and question the management team as well due to the seriousness of the findings.

No matter what reputation you have, audit report is based on facts. Serba isn't the only O&G company that KPMG audits.. saying KPMG dont know how this work,, how that work.. KPMG do more advisary and audits on O&G that you do la.. how many audits and advisary work u done for O&G yourself? Yesterday's reputation doesnt mean anything if it cannot be supported, reputation is only in the court of public opinion, audit report are based on facts and not your feelings.

I think maybe EPF just profit taking those shares that they bought at 3.60.. then they will buy back in again later.. it's normal, but so far movement is quite organic..

Hope got good news in these few days, looks like it's trending to 4.30 already...